India plans measures on digital currency


There have been calls in India to impose stricter rules for virtual coin transactions
Newsfeed16 Nov 2021
    Photo credit: AFP Photo


    India is planning progressive and forward-looking measures on issues related to cryptocurrencies, a move that could be a departure from its earlier attempts to restrict the use of virtual coins, according to people familiar with the matter.

    Prime Minister Narendra Modi led a review meeting on the digital currency on Saturday (13 November), and it was decided that the government will continue to proactively engage with experts and other stakeholders on the evolving technology, the people said, asking not to be identified.

    There have been calls in India to impose stricter rules for transactions in virtual coins as an unregulated environment may push more domestic savings toward the asset class and could endanger household savings.

    India has had a hot-and-cold relationship with digital currencies in the past few years. In 2018, it effectively banned crypto transactions after a string of frauds following Modi’s sudden decision to eliminate 80% of the nation’s currencies, but the Supreme Court struck down the restriction in March 2020.

    The Reserve Bank of India remains a critic but is now working on a digital currency. The government may bring in a crypto bill for the cabinet’s approval.  – Bloomberg News.

    On Monday, the US Dollar Index rose 0.29% to 95.407, the euro shed 0.67% to USD1.1368, the pound rose 0.01% to USD1.3416, and the yen weakened 0.20% to 114.12 per dollar.

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