NEW DELHI: The government and the Reserve Bank of India (RBI) are on the same page on cryptocurrency, finance minister Nirmala Sithraman told the media on Monday dispelling speculations that the two might have any difference on the matter. The finance minister was addressing the media after her meeting with the RBI Board on Monday.
“Both RBI and the government are on board on this issue. The discussion between the RBI and the government continues on the issue of cryptocurrency. The matter was discussed before the budget and also after the budget,” the finance minister said on the question if there are differences of opinion between the two on the issue. She reiterated that whatever decisions have been taken on cryptocurrency and digital rupee, they have been taken after discussions with the RBI.
The RBI has maintained a very stringent stance on cryptos calling private digital currencies a risk to the financial stability of the country. Following its stance, there were expectations that the government might ban all kinds of private cryptocurrencies.
However, in the budget the FM brought a provision to tax cryptos instead of going for a blanket ban, thus giving rise to speculations that the RBI and the government have differences of opinion. Meanwhile, RBI deputy governor T Rabi Sankar, at an event organised by the Indian Banking Association on Monday, said that cryptocurrencies threaten the financial sovereignty of a country and make it susceptible to strategic manipulation.