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Official Digital Currency : Panel examining pros, cons of usage in India

Official Digital Currency : Panel examining pros, cons of usage in India
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A government panel is examining all issues related to crypto currencies, including the pros and cons of the introduction of an official digital currency in the country.

New Delhi: A government panel is examining all issues related to crypto currencies, including the pros and cons of the introduction of an official digital currency in the country.

Crypto currencies are not recognised as legal tenders in the country and the issue of allowing trading in such currencies is being examined by the government, Union Minister Anurag Thakur said on Monday.

The Minister of State for Corporate Affairs told the Lok Sabha that no decision on licensing and authorising any entity or company to deal with Bitcoins or any other virtual currency has been made yet.

The issue of permitting trading in crypto currencies is under examination by the government which has constituted an Inter-Ministerial Committee (IMC) under the chairmanship of Secretary, Department of Economic Affairs.

"The committee, with representations from MeitY, RBI, Sebi and CBDT is examining all issues, including the pros and cons of the introduction of an official digital currency in India and is working to develop a framework for regulating crypto currencies," he said.

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