Cryptocurrency has financial stability issues, not in Eco Survey 2022: Sanyal

Principal Economic Advisor Sanjeev Sanyal on Monday said that a balanced opinion will soon be taken on the issue of cryptocurrencies in the country and that currently, there is some financial instability regarding that. 

Speaking in an exclusive interview to India Today TV, Sanyal also added that for the above reasons, cryptocurrency was not covered as a part of the Economic Survey for the financial year 2021-2022.

Policymakers in India say unregulated transactions in digital currencies could hurt macroeconomic and financial stability. After initially planning to ban cryptocurrencies, the Modi government is instead considering legislation to regulate their use.

Meanwhile, there are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around Rs 4 lakh crore, according to industry estimates, news agency Reuters has reported.