Cryptocurrency is form of digital currency, we must evaluate, explore new ideas with open mind: Anurag Thakur

Chandigarh (Punjab) [India], March 6 (ANI): Noting that Blockchain is new emerging technology and cryptocurrency is a form of digital currency, Minister of State for Finance and Corporate Affairs Anurag Thakur has said that there is a need to always evaluate, explore and encourage new ideas with an open mind.

Answering a media query about cryptocurrency at an event in Punjab on Saturday, the minister said the government welcomes innovation and new technology and Prime Minister Narendra Modi a strong advocate of embracing technology in various aspects of governance.

He also said that a high-level inter-ministerial committee was constituted and the government would take a decision on the recommendations of the committee.

"Blockchain is a new emerging technology. Cryptocurrency is a form of digital currency. I firmly believe that we must always evaluate, explore and encourage new ideas with an open mind," he said.

"We welcome innovation and new technology. PM Narendra Modi himself is a strong advocate of embracing technology in various aspects of governance. I firmly believe that we must evaluate, explore and encourage new ideas with an open mind," he added.

Thakur said any legislative proposal would be introduced in the Parliament following the due process.

"A High-Level Inter-Ministerial Committee was constituted. The government would take a decision on the recommendations of the committee and the legislative proposal, if any, would be introduced in the Parliament following the due process," he said.

Bitcoins are a part of a rising new genre of digital payments called 'cryptocurrencies' that work on blockchain technology with no centralised administrator.

This virtual currency emerged in the aftermath of the financial crisis and allows people to bypass banks and traditional payment processes to pay for goods and services. (ANI)