{"id":2664,"date":"2022-03-17T04:36:47","date_gmt":"2022-03-17T04:36:47","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=2664"},"modified":"2022-03-17T04:36:47","modified_gmt":"2022-03-17T04:36:47","slug":"rbi-crypto-indian-government-says-central-bank-has-no-plan-to-issue-cryptocurrency","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2664","title":{"rendered":"RBI Crypto: Indian Government Says Central Bank Has No Plan to Issue Cryptocurrency"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The Indian government has told parliament that it does not have a plan to issue cryptocurrency to be regulated by the central bank, the Reserve Bank of India (RBI). The government also clarified that India\u2019s central bank digital currency (CBDC), that the RBI will launch this financial year, is \u201ca digital version of traditional paper currency.\u201d<\/strong><\/p>\n<h2>Indian Parliament Asks Government About \u2018RBI Cryptocurrency\u2019<\/h2>\n<p>The Indian ministry of finance answered some questions Tuesday in Rajya Sabha, India\u2019s upper house of parliament, regarding \u201cRBI Cryptocurrency.\u201d<\/p>\n<p>Rajya Sabha member Sanjay Singh asked the finance minister to state \u201cwhether it is a fact that [the] government is planning to introduce a cryptocurrency that will be regulated by the Reserve Bank of India (RBI).\u201d<\/p>\n<p>Pankaj Chaudhary, the minister of state in the ministry of finance, replied: \u201cNo sir.\u201d<\/p>\n<p>Singh further asked whether the government is aware that cryptocurrency \u201cis unregulated and free from government intervention.\u201d<\/p>\n<p>Minister Chaudhary confirmed:<\/p>\n<p>Currently, cryptocurrencies are unregulated in India.<\/p>\n<p>The Indian government is currently working on cryptocurrency legislation. A cryptocurrency bill was listed to be introduced in the winter session of parliament but it was not taken up. There are reports that the government is currently consulting widely on the regulation of crypto assets and will need more time due to the complexity of the issue.<\/p>\n<p>Rajya Sabha member Singh proceeded to ask the finance minister about the digital rupee which the RBI is working on and plans to issue in this financial year.<\/p>\n<p>\u201cWhat is the difference between the RBI cryptocurrency and traditional paper currency?\u201d he asked.<\/p>\n<p>Minister Chaudhary replied:<\/p>\n<p>RBI does not issue cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of provisions of RBI Act, 1994. A digital version of traditional paper currency is called central bank digital currency (CBDC).<\/p>\n<p>Indian Finance Minister Sitharaman said during her Feb. 1 budget speech: \u201cThe introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system.\u201d<\/p>\n<p>Commenting on the upcoming digital rupee launch, Indian Prime Minister Narendra Modi said: \u201cThe digital rupee will revolutionize the fintech sector by creating new opportunities and lessen the burden in handling, printing, logistics management of cash.\u201d<\/p>\n<p><em><strong>What do you think about the Indian government having no plan to issue cryptocurrency? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/rbi-crypto-indian-government-central-bank-has-no-plan-to-issue-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Indian government has told parliament that it does not have a plan to issue cryptocurrency to be regulated by the central bank, the Reserve Bank of India (RBI). The government also clarified that India\u2019s central bank digital currency (CBDC), that the RBI will launch this financial year, is \u201ca digital version of traditional paper [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2664"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2664\/revisions"}],"predecessor-version":[{"id":2666,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2664\/revisions\/2666"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2665"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}