Finmin not yet decided on legal use of cryptocurrencies: Meghwal

Majority public view is not in favour of it

New Delhi, Sep 1:  

The Finance Ministry is still undecided on legalising usage of cryptocurrencies even as predominant public view is not in favour of its introduction, Arjun Ram Meghwal, Minister of State for Finance and Corporate Affairs indicated on Saturday.

A committee set up by the Finance Ministry had weighed the pros and cons of providing legal sanctity to cryptocurrencies, Mehghwal said at an Annual Convention on Capital Markets, organised by PHD Chamber of Commerce and Industry (PHDCCI) here. The Government is yet to take a final call on this report.

Meghwal was responding to a suggestion on allowing the use of cryptocurrencies for commodity and securities markets transactions.

“The majority public view, however, on introduction of cryptocurrency in capital and commodities markets transaction is in the negative as of now. Even the Parliament in the recent past has been flooded with the questions on the issue”,he said.

Meghwal remained non-committal on demands from the broking fraternity on the need to do away with Securities Transaction Tax (STT) and Commodities Transaction Tax (CTT).

Earlier, in his address, PHDCCI’s Senior Vice President Anil Khaitan, underscored the need for deepening of bond market, stating that this market needs to be developed with serious efforts as well as intense policy making.

(This article was published on September 2, 2017)

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