Active Stocks
Mon Jun 24 2024 15:59:16
  1. State Bank Of India share price
  2. 832.65 -0.45%
  1. ICICI Bank share price
  2. 1,170.00 1.03%
  1. HDFC Bank share price
  2. 1,672.10 0.40%
  1. Tata Steel share price
  2. 177.90 -1.08%
  1. Axis Bank share price
  2. 1,228.95 -0.64%
Business News/ Money / Personal Finance/  Looking at ways to experiment with digital world and cryptocurrency: Sitharaman
BackBack

Looking at ways to experiment with digital world and cryptocurrency: Sitharaman

Many negotiations and discussions are happening with the Reserve bank because the Supreme court order had very clearly told that the government has to take a call on the matter: FM said
  • The Supreme Court in March 2020 had quashed an RBI ban on payments related to cryptocurrency
  • Finance minister Nirmala Sitharaman (PTI)Premium
    Finance minister Nirmala Sitharaman (PTI)


    Speaking to CNBC TV 18 today, Nirmal Sitharaman clarified that the government is still formulating its opinion on cryptocurrency and will take a calibrated position. The remarks suggested that the Government may not impose a blanked ban on cryptocurrency.

    “Many negotiations and discussions are happening with the Reserve bank because the Supreme court order had very clearly told that the government has to take a call on the matter. We are taking with Reserve Bank. I’m not sure before the Cabinet takes a call I’m not sure I want to give any clue on what is in it. Obviously the RBI will be taking a call on what kind of official currency, cryptocurrency will have to be planned and how it has to be regulated," said Finance Minister Nirmala Sitharaman. The Supreme Court in March 2020 had quashed an RBI ban on payments related to cryptocurrency.

    “But also we want to make sure there is a window available for all kinds of experiments which will have to take place in the crypto world. It is not as if we are going to look inwards and say we are not going to have any of this. There will be a very calibrated position. Mixed messages are coming across the world. I don’t think there is a complete go this way or that way in this matter. We will have to take a very calibrated position. The world is moving fast with technology. We cannot pretend we don't want it. At the same time, we have to recognise with fintech we led the way. Many countries are looking at us for fintech based steps and the kind of things we have done in the payment duniya," she said.

    Sitharaman then summarised her remarks by stating that the government is open to experimentation. “I can only give you this clue that we are not closing our minds. We are certainly looking at ways in which experimentation can happen in the digital world and cryptocurrency," she added

    3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

    ABOUT THE AUTHOR
    Neil Borate
    I head the personal finance team at Mint. I have been writing about personal finance for the past 8 years after finishing two degrees in law and economics respectively. I do what I do, to help the ordinary Indian saver and investor.
    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 05 Mar 2021, 07:40 PM IST
    Next Story footLogo
    Recommended For You