*Update (1:37 PM, February 9): On Tuesday, Finance Minister Nirmala Sitharaman told Parliment that as per the government's previous position, it does not consider crypto-currencies as legal tender and will take all measures to eliminate the use of these crypto-assets in financing illegal activities or as part of the payments system. However, at the same time the government will explore use of blockchain technology pro-actively going forward, she said according to Rajya Sabha Question No 79, February 9, 2021. "High-Level Inter-Ministerial Committee (IMC) constituted under the Chairmanship of Secretary (Economic Affairs) to study the issues related to VCs and propose specific actions to be taken in this matter recommended in its report that all private cryptocurrencies, except any cryptocurrency issued by the State, be prohibited in India. The Government would take a decision on the recommendations of the IMC and the legislative proposal, if any, would be introduced in the Parliament following the due process," Sitharman said in a Parliamentary submission. Earlier: The government is finalising the contours of a new Bill to ban crypto-currency trading, mining and investments in the country, and will introduce the same in Parliament soon, said Anurag Thakur, the Minister of State for Finance in the Rajya Sabha on Tuesday. According to the official Lok Sabha Bulletin Part II for the Budget Session of Parliament 2021, the government plans to introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will ban "private" crypto-currencies while at the same time providing the Reserve Bank…
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