Finance Secretary says Blockchain policy has nothing to do with crypto policy

TV Somanathan, Finance Ministry Secretary said that the government policy vis-à-vis blockchain has nothing to with its policy towards virtual digital assets (VDAs) or cryptocurrency. He added that there should not be any worry regarding the use of blockchain in areas apart from currencies or payments.

At an event, he said that Government’s policy towards blockchain has nothing to do with policy towards virtual digital assets or crypto assets. There need not be any worry whatsoever in terms of the usage of blockchain in an area that has nothing to do with currencies and payments.

While addressing a post-Budget interaction, he added that the Government of India has nothing against blockchain technology, which is a significant technology. He noted that the RBI’s (Reserve Bank of India) digital currency – central bank digital currency (CBDC) will be based on a version of the blockchain technology.

Somanathan also said that the Coffee Board of India has also introduced a blockchain-based system to identify specific varieties of coffee from particular fields so that the farmers can get a higher price if proof of origin is available.

He added that the Government itself – the Coffee Board of India – has introduced a blockchain system for identifying particular verities of coffee from particular fields.

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