Centre is still formulating its opinion on cryptocurrency: Nirmala Sitharaman

Nirmala Sitharaman

Centre is yet to finalise its opinion on cryptocurrency and has taken a calibrated position on the same, said Union Finance Minister Nirmala Sitharaman, as reported by a media house.

During CNBC-TV18’s IBLA townhall, the minister said that the discussions pertaining to the issue are active and the centre has kept its window open experiments in the crypto world but a very calibrated approach will be taken.

Bitcoin’s price escalated in the past few weeks. However, the discussions on the topic are divided across the world. Elon Musk and Twitter CEO Jack Dorsey are some of the prominent names who have supported the matter but renowned economists Nouriel Roubini and Ken Rogoff are not to convinced about the virtual currency.

“A lot of negotiations and discussions are happening around the cryptocurrency with the Reserve Bank of India. RBI will be taking a call on what kind of unofficial cryptocurrency will have to be planned and how it has to be regulated. However we want to make sure that there is a window available for all kinds of experiments which will have to take place in the crypto world,” stated Sitharaman.

Also Read: Center, RBI to jointly work on bank privatisation, announced in budget: Sitharaman

“There will be a very calibrated position taken. A lot of mixed messages are coming from across the world. World is moving fast with technology, we cannot pretend that we don’t want it.”

She stated that the government is also recognising ways so that the fintech India led the way.

“So, we are not closing our minds, we are certainly looking at ways in which experimentations can happen in the digital world, cryptocurrency and so on,” she added.

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