There are currently no plans to introduce a regulated cryptocurrency by the central government. This information was given by the Minister of State for Finance, Pankaj Chaudhary in the Rajya Sabha on Tuesday. In a written reply to a question on cryptocurrencies, Choudhary said that cryptocurrencies are currently unregulated in India. He said that RBI does not issue any cryptocurrency of any kind.
According to news agency PTI, the Minister of State for Finance said that the traditional paper currency is a legal tender issued by the Reserve Bank as per the provisions of the RBI Act, 1994. He said that a digital version of the traditional paper currency is called Central Bank Digital Currency (CBDC).
He further added that a bill on cryptocurrencies is currently pending and is in the works for over a year now. However, this bill could not be introduced in the monsoon session and the current budget session due to some reasons. Union Finance Minister Nirmala Sitharaman has also said that the details of this bill will be made public after the approval of the Union Cabinet.
Government will intervene to keep petrol and diesel prices under control
The government on Tuesday said it is keeping a close watch on emerging global developments and will take “considered interventions” to keep petrol and diesel prices under control with a view to safeguard the interests of the common man. Minister of State for Finance Pankaj Choudhary said that the crude petroleum and natural gas, fuel and power subgroups in the Wholesale Price Index (WPI) are directly related to the volatility in crude oil prices.
Asked whether the government would cut excise duty to control the rise in fuel prices due to the Ukraine crisis, Chowdhury said in a written reply that the public sector oil marketing companies (OMCs) would sell petrol and diesel. Taking into account the international product prices, excise rates, tax structure and other costs, etc., take appropriate decisions about the prices of these fuels.
He said that the government is keeping a close watch on these factors and the evolving global developments and will take deliberate interventions as and when required to protect the interests of the common man. India depends on foreign purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable countries to be hit by high oil prices in Asia.
Crude oil prices hit $140 a barrel early last week amid the Russo-Ukraine war. Since then the prices have softened and are now hovering around $102 a barrel.