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Sitharaman on cryptocurrency: Govt leaves room to experiment but with calibrated approach

Updated : March 05, 2021 08:51 PM IST

Bitcoin's price has shot up in the past few weeks. The world however seems divided on the cryptocurrency boom. While Tesla's Elon Musk and Twitter CEO Jack Dorsey are the prominent names supporting it, eminent economists Nouriel Roubini and Ken Rogoff are some of the names not too kicked about it.

Weighing in on the issue from an Indian standpoint at CNBC-TV18's IBLA townhall, FM Nirmala Sitharaman said that the government is keeping windows open for experiment in the crypto world but a very calibrated approach will be taken.

"A lot of negotiations and discussions are happening around the cryptocurrency with the Reserve Bank of India. RBI will be taking a call on what kind of unofficial cryptocurrency will have to be planned and how it has to be regulated. However we want to make sure that there is a window available for all kinds of experiments which will have to take place in the crypto world," said Sitharaman.

"There will be a very calibrated position taken. A lot of mixed messages are coming from across the world. World is moving fast with technology, we cannot pretend that we don't want it."

She said at the same time the government also recognise that in fintech India led the way. Many countries are looking at India for fintech-based steps and the kind of things that the government has done in the payment world.

"So, we are not closing our minds, we are certainly looking at ways in which experimentations can happen in the digital world, cryptocurrency and so on," she added.

Watch the exclusive video for more.

For the full interview, click here.
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