Govt Not Saying No To Cryptocurrency, Exploring Sophisticated Regulation: FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has assured that the central government is not averse to cryptocurrencies and will instead explore ways in which it can assist the fintech sector in the country.

She also mentioned that the government hasn’t said ‘no’ to cryptocurrency but still wants to work towards bringing about sophisticated regulation in the same along with the Reserve Bank of India (RBI).

The cabinet minister also acknowledged that cryptocurrency is a big potential area around which multiple global developments are taking place.

“We cannot be moving ahead as if this doesn't exist. We are not saying no to cryptocurrency. We are saying we will have to see how this technology can help fintech to maximise the potential it has,” Sitharaman’s statement was quoted in an interview by the Economic Times.

She added, “But how sophisticated regulation can be is something which I want to work with the RBI.”

The 62-year-old further said that the work on regulation of cryptocurrency is nearly rounded up and the Union Cabinet will take a call on the same in due course.

Sitharaman further expressed optimism upon the process of the privatisation of Air India and the Bharat Petroleum Corporation Limited (BPCL) being completed by the end of 2021.