No plans to boost cryptocurrency sector in India, FinMin tells Lok Sabha

The RBI has been examining use cases and working out a phased implementation strategy for introduction of CBDC with little or no disruption

The finance ministry on Monday told Parliament that the government had no plans for boosting the cryptocurrency sector in India and the proposed Central Bank Digital Currency (CBDC) will not have volatility, which is normally associated with the private virtual currencies. 

However, there are associated risks with CBDC which need to be carefully evaluated, the Lok Sabha was informed. 

“As CBDC is backed by the central bank of a country, apart from other benefits, it will not have volatility which is normally associated with the private cryptocurrencies," the minister of state for finance told the Lok Sabha in a written reply. 

He said