New Delhi: Finance Minister Nirmala Sisaraman said on Tuesday that the risk of cryptocurrency misuse is being monitored. The minister also said there was no decision to stop advertising for digital currencies.
Mr. Sisaraman also said that there was extensive debate about the regulatory capacity of cryptocurrencies and “let’s wait for the bill.”
“There were other aspects and we had to rewrite the bill, and now we’re working on a new bill,” she added.
Sisaraman said on Monday that the center has no proposal to recognize Bitcoin as a domestic currency. She also said the government has not collected data on Bitcoin transactions.
In addition, the government said it had received a proposal from the Reserve Bank of India (RBI) to include digital currencies in the definition of “banknotes.”
In October, RBI introduced the Central Bank Digital Currency (CBDC) proposal.
The CBDC (Digital Currency or Cryptocurrency) is basically a digital version of fiat currencies such as the Indian Rupee.
Meanwhile, the RBI has repeatedly expressed concern about cryptocurrencies that pose macroeconomic and financial stability risks.