Blockchain: Government to explore use of blockchain technology – Latest News

The federal government will discover the usage of blockchain know-how proactively for ushering within the digital economic system, the Rajya Sabha was knowledgeable on Tuesday. Minister of State for Finance Anurag Singh Thakur mentioned it was introduced within the Price range Speech of 2018-19 that the federal government doesn’t contemplate crypto-currencies authorized tender or cash and can take all measures to remove the usage of these crypto-assets in financing illegitimate actions or as a part of the fee system.

“The federal government will discover the usage of the blockchain know-how proactively for ushering within the digital economic system,” Thakur mentioned in a written reply to a query on introduction of India’s personal crypto-currency.

On money circulation within the nation, he mentioned that as per weekly statistical complement of the RBI, the Notes in Circulation (NIC) was Rs 17,741.87 billion as on November 04, 2016, and Rs 27,712.43 billion as on January 08, 2021, thereby recording a rise of 56.2 per cent in a span of round 4 years 2 months.

The expansion in NIC relies on varied macro-economic components reminiscent of anticipated progress in GDP, inflation, rates of interest, and progress in non-cash modes of fee, the minister added.

Digital funds transactions have been steadily rising since previous few years put up demonetisation.

The overall transaction quantity elevated from 2,071 crore in FY2017-18 to three,134 crore in FY2018-19, which corresponds to a progress charge of 51 per cent, Thakur knowledgeable.

Throughout 2019-20, the variety of card fee transactions carried out by means of bank cards and debit playing cards elevated by 23.5 per cent and 16.1 per cent, respectively, whereas the worth elevated by 21.1 per cent and 35.6 per cent to Rs 7.3 lakh crore and Rs 8 lakh crore, respectively.

Pay as you go Fee Devices (PPIs) recorded a quantity progress of 15.7 per cent on prime of the 33.2 per cent a yr in the past, whereas transactions worth at Rs 2.2 lakh crore elevated by little greater than 1 per cent.