FM says 'complete harmony' with Reserve Bank of India on cryptos

Days after Reserve Bank of India (RBI) Governor Shaktikanta Das cautioned investors against putting their money in cryptocurrencies calling them “a threat to macroeconomic and financial stability”, Union finance minister Nirmala Sitharaman said everything is alright between her ministry and the apex bank.

In her Budget speech, the finance minister had said that the RBI will launch a digital currency in 2022-23 using the blockchain technology.

A few days after the Budget, Das said, “Private cryptocurrencies or whatever name you call it are a threat to our macroeconomic stability and financial stability. They will undermine RBI’s ability to deal with issues of financial stability and macroeconomic stability.”

Also read: Invest in crypto at your own risk, cautions RBI Governor Shaktikanta Das

When asked about the RBI governor’s views on cryptos, Sitharaman said there was complete harmony between her department and the Reserve Bank of India on all issues, including cryptocurrencies. “Not just on crypto, but on every other thing as well. I think there’s complete harmony with which we’re working, respecting each other’s domain and also knowing what we’ve to do with each other’s priorities and in the interest of the nation. There’s no turfing here,” Sitharaman was quoted as saying by news agency ANI.

The RBI governor earlier said they are discussing the issue of cryptocurrency with the Union Finance Ministry. “Whatever points we have, we have discussed with the government. Beyond that I think I will not like to further elaborate,” Das said.