India's government has no plan to adopt cryptocurrency in the country

The Minister of State for Finance, Pankaj Chaudhary, said the government had no plans to adopt cryptocurrencies. He replied in writing that cryptocurrencies are currently unregulated in India.

"The RBI does not issue cryptocurrency; traditional paper money is legal tender and supplied by the RBI following the RBI Act, 1994," he explained. As part of a phased implementation approach for CBDC, he stated that the RBI is now exploring use cases that could deploy with minimal or no disruption.

He said that CBDC could reduce reliance on cash, increase seigniorage due to lower transaction costs, etc. He added that printed notes were worth Rs 4,378 crore in 2019–20 and Rs 4,012 crore in 2020–21.

The country's financial health has many components, he said.

He also noted that the stock markets "indicate economic growth in the medium to long term, as stock prices reflect the market's expectation of future corporate earnings/profitability, and thus the underlying confidence in the economy," he said.

According to him, near-term economic and geopolitical events drive the stock markets.

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