Government has no plans to boost cryptocurrency in India, MoS Finance Pankaj Chaudhary informs Lok Sabha

The government has no plans to boost the cryptocurrency sector in the country, Minister of State (MoS) for Finance Pankaj Chaudhary informed the Lok Sabha on Monday. He was responding to a question raised by Bharatiya Janta Party (BJP) Member of Parliament Jagdambika Pal.   

The MOS further said that the question of boosting cryptocurrency in India “does not arise” in view of cryptocurrencies not being regulated in India, currently.  

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“The Government does not collect data on the cryptocurrency sector,” said in a written reply to the lower house. “A Bill on Cryptocurrency and Regulation of Official Digital Currency has been included for introduction in the Lok Sabha Bulletin-Part II as part of Government Business expected to be taken up during the Seventh Session of Seventeenth Lok Sabha, 2021,” Chaudhary further said. 

Pal in his queries to the government has sought response on: 

1) Whether the Government has got any plans for boosting the cryptocurrency sector in India; 

2) If so, the details thereof along with the steps taken by the Government to ensure the same; 

3) The data available for active cryptocurrency exchange companies working in India for both the local developers and the international developers along with the details of cyberattacks happened on these companies in last two years 

4) The details of how big economically the cryptocurrency market is and how much employment has been generated in this sector till date 

5) The details of how trustable the cryptocurrency is and whether it is possible for the Government to regulate the market reassessing the mode of working involved in the cryptocurrency process? 

The Winter Session of Parliament is ongoing and it began on 29 November. The session which is scheduled to last for 25 days has seen repealing of the three farm laws on the first day.  

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)