High-Level Inter-Ministerial Committee formed in India to evaluate Cryptocurrencies

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High-Level Inter-Ministerial Committee formed in India to evaluate Cryptocurrencies
Neha Kumar | Bitcoin World

India’s Minister of State for Finance and Corporate Affairs Anurag Thakur stated that the government is open to evaluating and exploring new technologies like crypto to enhance governance. A High-Level Inter-Ministerial Committee (IMC) came into existence under the Chairmanship of Economic Affairs Secretary on digital currencies. Elucidating on the High-Level IMC, he said that the government would decide based on the committee’s recommendations and the legislative proposal, if any. He also embraced the suggestions and opinions of the citizens about the issue. He replied that the central government created a High-Level Inter-Ministerial Committee to accept cryptocurrency as a lawful and legal tender in India.

Recently, India’s Finance Minister Nirmala Sitharaman said that the government is still forming its view on cryptocurrencies and will exert a calibrated position. She affirmed that the Central government would be taking discussions with the RBI and only then resolve it. She indicated that the government might not decide to continue a total ban. This appears as a good news for its cryptocurrency stakeholders.

RBI’s Governor expresses concern over Crypto

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 intends to introduce a total ban on private crypto. The bill will also develop a facilitative framework for an official digital currency issued by the RBI. The Reserve Bank of India’s Governor Shaktikanta Das had announced that the apex bank has particular “major concerns” over the influence cryptocurrencies may hold on the economy’s financial stability. Moreover, he has communicated the same to the government.

However, apart from that, Unicas, the global crypto-financial ecosystem, introduced its third physical branch in New Delhi. Unicas will extend banking services based on fiat and cryptocurrencies. The financial institution had two other branches in India, in Jaipur and Jamnagar. Besides, from granting its customers access to crypto and fiat services at the bank, Unicas awards digital loans using crypto holdings as collateral. By the end of the year, the bank aims to launch 50 branches across the country.

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