India Cryptocurrency Industry: Finance Ministry and RBI Discuss Crypto, Assert Unified Outlook

Updated:

The Finance Minister of India, Nirmala Sitharaman, has revealed that the government has entered talks with the Reserve Bank of India (RBI) on possible cryptocurrency policies.

At the end of the RBI board meeting yesterday, Sitharaman told the press that the Indian government and the central bank of the Asian giant are on the same page concerning cryptocurrency and other related issues, explaining:

“Whatever the government does, we consult and have discussions with the RBI.

So if I were to tax 30% and then discuss Goods and Services Tax (GST) and everything else, I would be tying [the] RBI’s hands if I hadn’t even talked to them.”

The finance minister called for the taxing of cryptocurrency income at 30% at her Berger speech last week. However, the minister has since clarified that crypto taxation is a “sovereign right.”

Sitharaman also detailed: “So, with the RBI and the [finance] ministry, not just on crypto but on every other thing as well, I think over the last few years you would have noticed that there is complete harmony with which we are working,” further expounding

“We respect each other’s domain and know what we have to do with each other’s priorities and in the interest of the nation. There’s no turfing here.”

Reserve Bank of India Governor Remains Skeptical Over Crypto

Notably, the RBI has continued to voice concerns over the cryptocurrency industry in India. Last week, RBI Governor Shaktikanta Das argued that crypto poses a significant threat to India’s macroeconomic and financial stability. Last December, the Indian central bank proposed an outright ban of all crypto activities within India’s borders, arguing that a partial ban would not yield much.

RBI Governor Das also cautioned crypto investors, telling them that they were investing at their own risk. The governor stressed that “cryptocurrency has no underlying, not even a tulip.”

That said, Das confirmed to reported on Monday that crypto matters were being discussed internally, explaining:

“Whatever points we have, we discuss with the government. Beyond that, I would not like to further elaborate.”

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.