In a meeting chaired by Prime Minister Narendra Modi recently, the Union government and the Reserve Bank of India were not quite on the same page on cryptocurrency — a sector that has been silently blooming in India over the past few months.
“The government is cognizant of the fact that this is an evolving technology, it will keep a close watch and take proactive steps.
Das on Wednesday had reiterated his views against allowing cryptocurrencies saying they are a serious threat to any financial system since they are unregulated by central banks.
Moreover, since cryptocurrencies are unregulated in the country and are difficult to trace, the government will also not be able to tax the amount, posing a threat to rupee.
In 2018, the RBI had announced that banks will not be able to make deals in cryptocurrencies, halting the progress of the crypto industry in India.
According to PTI, the RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin.
BrokerChoosers calculated the figure to be 100.7 million, while WazirX CEO Nishal Shetty saying that there were around 15-20 million crypto investors in the country.