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Finance Ministry under pressure as RBI wants complete ban on Bitcoin

The Reserve Bank of India (RBI) and the finance ministry are at loggerheads over cryptocurrency.

Published: 17th March 2021 10:48 AM  |   Last Updated: 17th March 2021 10:48 AM   |  A+A-

For representational purpose. (Photo | AP)

Express News Service

NEW DELHI:  The Reserve Bank of India (RBI) and the finance ministry are at loggerheads over cryptocurrency. While the RBI is pushing for a blanket ban on cryptocurrency, Finance Minister Nirmala Sitharaman prefers to keep all options open, sources said.

“RBI has strongly communicated its reservation against cryptocurrency and has recommended a blanket ban,” said a senior finane ministry official, adding that this was communicated to the government during an informal meeting last week.

“From our side, we are not shutting all options off,” Sitharaman said recently. This had given some hope to the cryptocurrecy industry, which was fighting for acceptance in the country.

However, if RBI and the government are not on the same page, then the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, slated to be taken up in Parliament in the current session, could be delayed Sources say RBI’s strong position in last week’s meeting has forced the ministry to soften its stance.



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