Prime Minister Narendra Modi was at IIT Kanpur on Tuesday, where he issued a digital degree based on blockchain, indicating that the government is not completely against cryptocurrencies. In this event, all the students were given digital degrees through a special technology working on blockchain.
Earlier this month, Prime Minister Modi had said that policy makers in India believe that irregular transactions in digital currencies can harm the country’s economic and financial stability, but if used properly, it can strengthen democracy. could. After initially planning to ban cryptocurrencies, the Modi government is now considering bringing in a law to regulate the use of cryptocurrencies.
There are an estimated 15 million to 20 million cryptocurrency investors in India. The industry estimates their total crypto holdings to be around Rs 40,000 crore. Although the government does not provide any official data regarding this.
Recently Duvvuri Subbarao, former Governor of Reserve Bank of India (RBI) expressed his concern regarding cryptocurrencies. Subbarao said that cryptocurrencies, if legalised, could take away the RBI’s control over money supply and inflation management in the country. Subbarao shared his assessment while addressing a webinar organized by the National Stock Exchange (NSE) and the New York University (NYU) Stern School of Business this week.