Govt open to evaluating, exploring cryptocurrencies: Anurag Thakur

• A high-level Inter-Ministerial Committee (IMC), which has been formed under the chairmanship of Economic Affairs Secretary, on digital currencies has submitted its report

• Thakur said that the government would take a decision on the recommendations made by the committee and will introduce a legislative proposal in the Parliament, if any

New Delhi: Minister of State for Finance Anurag Singh Thakur said on Saturday that the government is open to evaluating and exploring new technologies, like cryptocurrencies, for improving governance. "Let me say that we welcome innovation and new technology…blockchain is a new emerging technology. Cryptocurrency is a form of virtual currency. I firmly believe that we must always evaluate, explore and encourage new ideas with an open mind," said the minister.

Govt still formulating its opinion on cryptocurrencies: Sitharaman

The statement comes just a day after Finance Minister Nirmala Sitharaman said that the government is still formulating its opinion on cryptocurrencies and will take a calibrated position. Commenting on the same, Reserve Bank of India (RBI) Governor Shaktikanta Das had said earlier in February that the release some broad guidelines and approach papers on it soon. The Governor had also said that the RBI has some concerns about cryptocurrencies and they have been communicated to the government.

High-level IMC has submitted report on cryptocurrencies

A high-level Inter-Ministerial Committee (IMC), which has been formed under the chairmanship of Economic Affairs Secretary, on digital currencies has submitted its report. Thakur said that the government would take a decision on the recommendations made by the committee and will introduce a legislative proposal in the Parliament, if any, following the due procedure. The minister also invited suggestions and views on the issue.

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What are cryptocurrencies?

A cryptocurrency is a digital asset which works as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a computerised database, using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a Central authority. Cryptocurrencies typically use decentralised control as opposed to centralised digital currency and Central banking systems.

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