Govt eyes blockchain to push digital goals

The government will explore the use of blockchain technology to put in place a digital economy, minister of state for finance, Anurag Thakur, said on Tuesday.

Thakur was responding to a query by Shiv Sena MP Sanjay Raut in the Rajya Sabha on whether the government was considering the introduction of India’s own cryptocurrency.

“The government will explore the use of the blockchain technology proactively for ushering in digital economy,” he said in a written response, indicating that the government has maintained its stance that cryptocurrency is illegal.


“It was announced in the budget speech of 2018-19 that the government does not consider cryptocurrencies (as) legal tender or coins and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system,” Thakur said.

Last week, the central government said that it will introduce a bill — titled ‘Cryptocurrency and Regulation of Official Digital Currency, 2021’ — in the ongoing budget session to regulate the trade of cryptocurrencies.

“It was announced in the budget speech of 2018-19 that the government does not consider cryptocurrencies (as) legal tender or coins and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities