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Cryptocurrency won't be 'legal tender' in India, says Finance Secretary TV Somanathan

While claiming that the proposed Currency Bill is being overly debated, Finance Secretary TV Somanathan reiterated that the Bill will never be legal tender in India. It is still being finalised, according to the Tamil Nadu cadre and Indian Administrative Services (IAS) officer.

"People are reading far too much into the brief content of the listing that has been placed on the parliamentary agenda." "I'm not necessarily giving you any hints about what will happen," Somanathan said when a CNBC-TV18 journalist asked if he shares the government's "anguish about cryptocurrencies." Legal tender is something that is required by law to be accepted when a debt is to be settled between two people in the country.

He did not confirm or deny a blanket ban on cryptos, but he did state that they will not be considered legal tender legal currency that can be used for transactions, debt issuance, and repayment. According to reports, the Reserve Bank of India (RBI) will test its Central Banking Digital Currency (CBDC) in the first quarter of 2022.

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