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Arjun Ram Meghwal rules out policy measures to legalise cryptocurrency

Minister of State for Finance Arjun Ram Meghwal also sought suggestions for betterment of capital and commodities market by 2020.

Reported by: IANS, New Delhi [ Published on: September 02, 2017 16:55 IST ]
File pic of Minister of State for Finance Arjun Ram Meghwal
File pic of Minister of State for Finance Arjun Ram Meghwal

Minister of State for Finance Arjun Ram Meghwal on Saturday ruled out policy measures in the immediate future to legalise introduction of cryptocurrency for security and commodities related transactions.

He added that a committee was set up by the Finance Ministry on the issue to weigh its consequences.

"The majority public view, however, on introduction of cryptocurrency in capital and commodities markets transaction is in the negative as of now. Even the Parliament in the recent past has been flooded with questions on the issue," the Minister said here at the annual convention on 'Capital Market-Vision 2020' organised by PHD Chamber of Commerce and Industry.

When asked about removal of Security Transactions Tax (STT) and Commodity Transactions Tax (CTT) from the stock markets, he said that the issue would be taken up with the regulators in future.

India still requires to energise its capital market and create a facilitating environment by converting threats of capital markets into opportunities, he said.

Meghwal also sought suggestions for betterment of capital and commodities market by 2020.

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