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“Futuristic and Well Thought Out” Finance Minister on India’s Cryptocurrency Report

Nirmala Sitharaman, the Finance Minister of India said she was presented the Cryptocurrency report by the IMC and she considers it well thought out, but they will be looking into it again before making their position clear.

In an interview with the Finance Minister of India published on Economic Times, the former was asked about the latest report on Cryptocurrencies that advocates a complete ban on trading, mining, holding Cryptocurrencies.

FM said that a presentation was done before us by the Inter-ministerial committee and she believes the committee has done extensive work. Furthermore she said,

“They have gone much ahead of all other countries that have thought about it. It’s a very futuristic and well-thought out report.”

Nirmala Sitharam to Economic Times on Cryptocurrency Report presented by IMC

The Finance minister also acknowledged the on-going Supreme Court case of exchanges and individuals vs the RBI and the government regarding cryptocurrencies.

She said she hasn’t revisited the report after the presentation and that they will look into it before making their position clear in case of cryptocurrencies.

“Of course, we will look into it soon and come back with a position.”

Finance Minister of India Nirmala Sitharaman

Crypto is Not Banned Yet

As it remains, the report by the Inter Ministerial committee has recommended a complete ban on crypto and they also published a draft bill on Banning on Cryptocurrencies.

The draft bill and the report will both undergo a scrutiny by the government. The bill also needs to be presented in the parliament before it becomes a law.

Hence, until then there is no ban on Cryptocurrencies, which was also clarified by MP Anurag Thakur in Rajyasabha last week.

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