India, March 14, 2021 /AlexaBlockchain/ – Indian Finance minister Nirmala Sitharaman has clarified that the government will not completely ban cryptocurrencies or at least the technology part of it.
“From our side, we are very clear that we are not shutting all options. We will allow certain windows for people to do experiments on blockchain, bitcoins or cryptocurrency,” Sitharaman had said at an India Today conclave.
She said FinTech depends on such experiments and it will have that window available. “We are not going to shut it off,” she said.
But it is the Cabinet note which will detail the kind of formulation, she said, adding the note will get ready soon. “It is nearing completion, and then it will be taken to the Cabinet. The Supreme Court had commented on cryptocurrency. We are very clear that the Reserve Bank of India (RBI) will take a call on an official cryptocurrency,” she said.
On blockchain technology, she said it is a big area and India has a lead advantage in it. “A lot of fintech companies have made a lot of progress on it. We have got several presentations. Much work at the state level is happening. And, we want to take it in a big way in IFSC or Gift City in Gandhinagar,” the FM said.
She said the ministry is planning to have a start-up meet essentially on fintech in Gift City. “Once Parliament is over, I will probably spend more time executing and planning that. On fintech and blockchain, there is a lot of work going on in India and we will certainly encourage that,” Sitharaman said.
