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Govt Prepared To Take Forward Blockchain Technology: FM

Sitharaman said that cryptocurrencies can also be rigged for money laundering or terrorist funding

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Finance Minister Nirmala Sitharaman once again spoke on Cryptocurrency. She expressed the apprehension of misuse of crypto and said that the country will take a careful decision on the regulation of this digital currency. She said during an event at Stanford University that crypto will not be decided in a hurry.

Sitharaman said, "We have to decide that on the basis of whatever information is available, the right decision should be taken. It cannot be hasty. it will take time." The minister made it clear that the government is fully prepared to take forward the technology related to 'Blockchain'. Sitharaman said that our intention is not to affect it in any way.

FM said that cryptocurrencies can also be manipulated for money laundering or terrorist financing. She said that these concerns are not only of India but of many countries of the world. This has also been discussed in different forums. Significantly, India is planning to introduce a central bank-backed digital currency (CBCD).

Sitharaman had announced in her budget speech on February 1 that the Reserve Bank of India (RBI) would issue Digital Rupee or CBDC in 2022-23. Regarding the merger of HDFC Limited and HDFC Bank, Sitharaman said that this is a good step because India needs many big banks to meet the growing needs for infrastructure.