The Government of India Will Not be Using Cryptocurrency

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The chief economic advisor for India recently stated on Tuesday, October 24th, that they would not be issuing a cryptocurrency for the public to use. The statement by Arvid Subramanian, who has served the position since October of 2014, is a conflicting statement with the earlier statements coming out of the country.

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As of only a month ago, the idea of a centralized cryptocurrency in India took the world by storm. The executive director of the Reserve Bank of India (RBI), Sudarshan Sen, stated that the central bank was working on a currency as an alternative to the rupee, but apparently to no avail. Just days after Sen released the statement that it may or may not be an option. The RBI has stated that they may embark on the government-backed cryptocurrency idea, but it would not be for quite some time.

Earlier in the month of October, Ajay Banga, the CEO of MasterCard offered an opinion on the state of cryptocurrency as a whole. Banga stated that “if the government creates digital currency, we will find a way to be in the game. Government mandated digital currencies are interesting.” With this level of interest from such a large company, it will be noteworthy as to whether or not the country goes through with it. Banga added that “non-government mandated currency is junk.” This opinion seems to have ricocheted throughout the financial world.

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Despite this announcement by Subramanian, it appears that there are a solid amount of officials that are attempting to make a centralized cryptocurrency happen in India. With the use of cryptocurrency always on the rise, its popularity will only continue to go up as well. If countries can form their own central cryptocurrency, the market as a whole will hopefully grow to an exponential level.

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