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Will safeguard the interests of crypto investors are secure

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Vandana Mrigwani Follow

INDIA

Apr, 19 2021

Apr, 19 2021

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Anurag Thakur, Minister of state for finance, said the government is very much open when it comes to digital currencies and that all choices are being considered with an open mind. 

The minister, whereas asserting that the interests of crypto investors will be safe in the Bill being drafted, explained that the government is in favour of technology. 

 

The government is looking at all options with an open mind when it comes to cryptocurrencies and will make sure that the benefits of investors are safe, Anurag Thakur, minister of state for finance, has mentioned. The Union minister, though, raised worries over the high volatility in digital assets. 

 

The government is in the method of formulating a Bill on cryptocurrencies. While the matters of the Bill are not yet recognized, the Centre in February had said that the Bill would seek to ban all private cryptocurrencies such as Bitcoin and ether. Still, in the recent past, it had coded that it would take a "standardized approach' towards digital assets. 

 

In March 2020, The Supreme Court overturned RBI’s verdict to ban crypto transactions in the country. “In the new crypto Bill, all these features will be measured. All options are being measured with an open mind," the minister stated. 

 

Still, Thakur raised worries over the extreme volatility in cryptocurrencies, like bitcoin and ethereum. “Fiat currencies don’t see much fluctuation. We will safeguard that the interest of crypto investors is protected in the Bill. But we need to make it perfect that we are in favour of technology," the Union minister stated. 

 

Through the financial year 2021, bitcoin jumped 800% from $6,641 on 1 April 2020 to $58,817 on 31 March 2021. The digital asset was doing transactions at $60,865.44, up 1.8% about 1.25 pm IST today, according to CoinGecko. 


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Vandana Mrigwani

CBW - External Analyst

INDIA

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