Govt Still Formulating Its Opinion on Cryptocurrencies, "Will Take Calibrated Position" - Says FinMin

Finance Minister Nirmala Sitharaman on Friday said the government is still formulating its opinion on cryptocurrencies and will take a calibrated position.

Govt would take a decision on the recommendations of a High-Level Inter-Ministerial Committee (IMC), whch was constituted under the Chairmanship of Economic Affairs Secretary on digital currencies, and it has submitted its report. 

The legislative proposal, if any comes of out of IMC report, would be introduced in Parliament following the due process and suggestions and views on this issue have been invited as well.

Union Minister Anurag Thakur, who serves as a Minister of State for Finance and Corporate Affairs, yesterday said the government is open to evaluate and explore new technologies, including cryptocurrencies, for improving governance.

While answering a media query about cryptocurrency at an event in Punjab, Mr. Thakur said --

Blockchain is a new emerging technology. Cryptocurrency is a form of digital currency. I firmly believe that we must always evaluate, explore and encourage new ideas with an open mind.

"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." he said.