Centre will take balanced view on cryptocurrency: Principal Economic Advisor

Centre will take a balanced view on the issue of cryptocurrency says the Principal Economic Advisor. Let’s learn more about this.

Introduction

The Principal Economic Advisor in the Finance Ministry of India, Sanjeev Sanyal gave his opinion on the Regulatory environment of India.

Background

Sanyal reportedly said that the Central Government will “take a balanced view on the issue”. He further said that Cryptocurrencies are need addressing soon, as they might effect the nation’s financial stability.

The economist was speaking on the Economic Survey tabled in the Parliament of India by the honourable Finance Minister of India, Nirmala Sitharaman. He revealed that Crypto related topics weren’t in the discussions in the Economic Survey of 2021-22.

Comments of the Principal Economic Advisor

The economist said, “As you know, this is a matter of some debate, both inside the government, in the Ministry of Finance, and even in Parliament. So, this is something that is currently in discussion.”

Sanyal further said that “There are some financial stability issues. But there are also other arguments that are made in terms of innovation and so on…. Obviously a balanced view on this will be taken.”

Previous Indian endeavours for a Crypto Bill

Previously, the union was about to bring a Crypto bill in the last parliamentary session. The Winter Parliamentary session wanted to “create a facilitative framework for the creation of the official digital currency by the Reserve Bank of India.”

Unfortunately, however, this idea was unsuccessful as the cabinet was not able to clear the draft bill. As of now the bill is still waiting approval.

Conclusion

Centre will take a balanced view on the issue of cryptocurrency says the Principal Economic Advisor.

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