Finance minister Nirmala Sitharaman

Finance minister Nirmala Sitharaman, Complete harmony between her department and RBI on all matters including cryptocurrencies

Crypto Government Technology

Finance Minister Nirmala Sitharaman stated on Monday that her department and the Reserve Bank of India (RBI) were in perfect agreement on all issues, including cryptocurrency. She went on to say that they respect each other’s domains and goals while keeping the national interest in mind.

She was speaking to the press following the RBI’s board meeting.

“I believe there is total agreement with which we are working, not just on cryptocurrencies but on everything,” Finance minister Nirmala Sitharaman said. “We respect each other’s domain and recognise what we have to do with each other’s goals and for the benefit of the nation.”

RBI Governor Shaktikanta Das also stated that the central bank and the government are discussing cryptocurrencies, but that he would not be able to go into greater detail.

Ms Sitharaman stated in her budget presentation on February 1 that the central bank will launch a digital currency in the following fiscal year that will be based on blockchain technology. The budget also recommended changing the RBI Act to allow for the introduction of the planned central bank digital currency (CBDC), which will work alongside regular banknotes.

This sparked suspicions that India’s government would legalise cryptocurrencies. The finance minister subsequently stressed, however, that taxing cryptocurrency does not imply that it will be legalised.