New Delhi, March 17: Union Finance Minister Nirmala Sitharaman on Monday, March 16, 2021, cleared that there will be no complete ban on cryptocurrency or blockchain and fintech. The minister said that a Cabinet note will all details will get ready soon.
“My view on this is that of course the Supreme Court had commented on cryptocurrency and while the RBI may take a call on official cryptocurrency but from our side, we are very clear that we are not shutting off all options,” Sitharaman had said at an India Today conclave.
She said that people will get adequate time to experiment with bitcoins, cryptocurrency and blockchain. "We will allow a certain amount of window for people to experiment on blockchain and bitcoin. However, the what formulation of cryptocurrency will be part of the Cabinet note which will get ready soon," Sitharaman said.
Currently, the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) do not have a legal framework to regulate cryptocurrencies. Recently RBI governor Shaktikanta said that the RBI has certain "major concerns" regarding the financial stability of cryptocurrencies.
The apex court had virtually banned cryptocurrency trading in 2018. However, Supreme Court last year struck down RBI's banking ban on digital currencies, terming it unconstitutional.