Thank you, Madam Finance Minister, for giving an elaborate answer in the answer sheet. Hon. Speaker, Sir, through you, I would like to ask the Hon. Minister regarding crypto mining. The hon. Minister has also made a statement that she will be chairing meetings under the G20 presidency to explore crypto regulations. Crypto mining is a booming thing now in India and a lot of Indians are taking a keen interest in that with an ecosystem favorable for them. And since China is tracking down crypto miners, India can be an alternate destination if regulatory certainty
and infrastructure are provided.

Sir, through you, I would like to ask the Minister how does the Government plan to regulate crypto mining in India to cater to environmental and energy conception concerns. Thank you.


As I explained in the answer given, at the moment, they are largely unregulated in India whether it is mining or whether it is an asset or whether it is a transaction. We recognize that this is almost driven by technology, and a standalone country’s effort in controlling or regulating this is not going to be effective. There is now an evolving consensus. That is why in the G20 we are raising this issue and having detailed discussions with the members so that
a standard operating protocol emerges after the discussions in the G20 so that there is a coherent, comprehensive, all countries working together, kind of approach in bringing some regulation into this whether it is mining or whether it is transacting. Therefore, all this is being looked at comprehensively because technology does not brook any borders. They can get activated in one area where you are not controlling, I suppose, to the area where you are controlling. So, we are working together to get a collective SOP on it.


Sir, the Central Bank Digital Currencies (CBDCs) introduced the concept of programmable money. The concept of programmable money brought forth by this could potentially impinge on an individual’s autonomy which could lead to an all-controlling state. So, I would like to ask hon. Finance Minister, through you, whether the Union Government plans to safeguard an individual’s autonomy from excessive control that could be leveraged by the State?


Sir, as the Hon. Member said, digital currency is something that the Central Bank issues. As you are aware and as the august House is aware, India’s Reserve Bank has come up with a pilot project in terms of retail and wholesale use of digital currencies for which there are several sandboxes created, so that user cases can be tested. It is only during this process and immediately after that can there be any kind of understanding on how the retail or the wholesale use of digital currencies will have any spill overs for which any action has to be planned. So, it has been introduced since last December. We will wait for the outcomes from there.


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