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Government open to explore cryptocurrencies
Why is it in news?
- The Union Minister of state for Finance said the government is open to evaluate and explore new technologies, including cryptocurrencies.
Details:
- Cryptocurrency is a form of virtual currency.
- Blockchain is a new emerging technology, which can be used for improving governance.
- The Minister has hinted towards evaluating, exploring and encouraging new technology.
- The RBI had virtually banned cryptocurrency trading in 2018.
- The Supreme Court had asked the Centre in 2019 to frame policies for crypto, and in 2020, struck down the curbs imposed by the RBI.
- RBI has concerns over the impact cryptocurrencies on the financial stability and has conveyed the same to the government.
Source: The Hindu