Arjun Ram Meghwal rules out cryptocurrency policy

The Minister of State for Finance, Arjun Ram Meghwal, on Saturday ruled out any policy measures in order to legalize the introduction of cryptocurrency for security and commodity-related transactions in immediate future.  Meghwal also said a committee has been set up to examine the pros and cons on the subject.

During an annual convention on “Capital Market-Vision 2020”, organized by PHD Chamber of Commerce and Industry, the minister said, “The majority public view, however, on an introduction of crypto currency in capital and commodities markets transaction is in the “negative”. Even the Parliament is flooded with questions on the issue.”

Meghwal also pointed out that Japan is the only country which has given sanctity to such a currency. He added: “The committee set up by the Finance Ministry on the issue is weighing its consequences.” 

Meghwal also remained non-committal when the demand was raised on the occasion of Security Transactions Tax (STT) and  Commodity Transactions Tax (CTT) removal while making a passing reference to it alleging that he would take up the twin issues with the regulators. 

With an aim to make India a price setter rather than remaining a price taker, Meghwal has sought suggestions for improving the capital and commodities market by 2020.