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India Today Conclave: Not all windows to be shut for cryptocurrency, says FM Nirmala Sitharaman

BusinessToday.In     March 15, 2021

Union Finance Minister Nirmala Sitharaman has said that the government is not shutting all windows for cryptocurrencies, or blockchain, and fintech as yet. Speaking at the India Today Conclave South on Sunday, March 14, FM Sitharaman stated that a Cabinet note was being readied in this regard, which will give exhaustive information on the formulation of cryptocurrency in India.

"My view on this is that, of course, the Supreme Court has commented on cryptocurrency and while the RBI may take a call on official cryptocurrency, from our side, we are very clear that we are not shutting off all options," said FM Sitharaman.

She added that the Centre will give people adequate windows to experiment with bitcoins, blockchain, and cryptocurrency.

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"A Cabinet note is being prepared. It's almost nearing completion and then it will be taken to the Cabinet... we will allow a certain amount of window for people to experiment on blockchain and bitcoin. However, the formulation of cryptocurrency will be part of the Cabinet note which will be ready soon," the finance minister noted.

She further stated that fintech is a big area where India has an advantage. "A lot of fintech companies have made a lot of progress on it. We have received several presentations. Much work at the state level is happening. And we want to take it in a big way in IFSC or Gift City in Gandhinagar," FM Sitharaman said.

Also Read: Govt response to cryptocurrency will be 'calibrated'; open to experiment: Sitharaman

She said the finance ministry is mulling a meeting for start-ups involved in fintech at the Gift City in Gandhinagar, Gujarat.

"Once Parliament is over, I will probably spend more time executing and planning that. On fintech and blockchain, there is a lot of work going on in India and we will certainly encourage that," FM Sitharaman stated.

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