India has No Plan on Issuing Crypto: Finance Minister Chaudhary


The government of India has told parliament that it has no plans on issuing a Reserve Bank of India (RBI)-regulated cryptocurrency.

The Indian finance ministry made some clarification on the “RBI Cryptocurrency” in Rajya Sabha, India’s upper house of parliament, on Tuesday.

Member of the Rajya Sabha Sanjay Singh asked the finance minister to explain “whether it is a fact that [the] government is planning to introduce a cryptocurrency that will be regulated by the Reserve Bank of India (RBI).”

Responding to the question, Pankaj Chaudhary, the minister of state in the Ministry of Finance, replied with a “no.”

The Rajya Sabha member further asked if the government was aware that cryptocurrency “is unregulated and free from government intervention.” To this, Chaudhary replied: “Currently, cryptocurrencies are unregulated in India.”

The Indian government recently announced that it was working on a cryptocurrency legislation framework. A crypto bill was scheduled to be introduced in the country in the winter session of the parliament but was ignored. Also, the government would likely need more time to develop its regulatory framework considering that it has yet to begin consulting stakeholders on crypto regulation.

Singh later asked the finance ministry about the proposed central bank-issued digital rupee and its plans on issuing it this financial year. He asked: “What is the difference between the RBI cryptocurrency and traditional paper currency?”

Minister Chaudhary replied:

“RBI does not issue cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of provisions of [the] RBI Act, 1994. A digital version of traditional paper currency is called central bank digital currency (CBDC).”

CBDC to Boost Digital Economy: India Finance Minster

The Finance Minister of India Nirmala Sitharaman said in her budget speech in February: “The 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.”

Commenting on the impending digital rupee launch, the Prime Minister of India, Narendra Modi, stated: “The digital rupee will revolutionize the fintech sector by creating new opportunities and lessen the burden in handling, printing, and logistics management of cash.”


You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.