The Government and the RBI are in complete agreement on cryptocurrency and other issues, according to the Finance Minister
Finance Minister Nirmala Sitharaman stated that her ministry and the Reserve Bank of India (RBI) were in perfect agreement on all issues, including cryptocurrency. She went on to say that there is mutual respect for each other’s domains and goals while keeping national interests in mind.
She was speaking to the media following the RBI’s board meeting.
Not only in crypto, but in everything. I believe we are working in total harmony, respecting each other’s domain but also recognising what we have to do of each other’s objectives and in the best interests of the nation. “There is no turfing here,” Ms Sitharaman was reported as saying by news organisations.
The topic of cryptocurrencies, according to RBI governor Shaktikanta Das, is being discussed privately between the central bank and the government.
We have expressed all of our concerns with the authorities. Beyond that, Mr Das stated, “I do not believe I would like to elaborate.”
Ms Sitharaman stated during her budget presentation on February 1 that the central bank will create a digital currency based on blockchain technology in the following fiscal year. The budget also recommended amending the RBI Act to include the new central bank digital currency (CBDC), which will operate alongside existing banknotes.
Mr Das stated last week that private cryptocurrencies posed a danger to the macroeconomy and financial stability, undermining the central bank’s ability to deal with issues on both fronts. In a statement to investors, he stated that such products had no underpinning, “not even a tulip.”
Meanwhile, in response to LIC’s initial red herring prospectus, the finance minister stated that there was “good buzz in the air.”
She stated that making such a significant decision is never easy “a reflexive reaction It is performed with awareness… And I can tell that there is a buzz in the wind following the announcement and reception “.