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.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp