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Government open to explore cryptocurrencies - Daily Current Affairs 2021
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
Posted by Jawwad Kazi on 7th Mar 2021
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