The Indian government and the Reserve Bank of India (RBI) are working in “complete harmony” and any decision on cryptocurrency will be made jointly, finance minister Nirmala Sitharaman said in a press conference on Monday.
- Discussions on crypto have been ongoing between the government and the RBI — India’s central bank — even before Sitharaman’s budget speech on Feb. 1, the minister said.
- RBI governor Shaktikanta Das was also at the press conference.
- Das last week said cryptocurrencies have no underlying value and that they are “not even a tulip,” raising doubts about whether or not India’s central bank was working in tandem with the government, considering the RBI was already given the task of introducing India’s own digital currency.
- While Sitharaman has previously stated that India will be moving toward regulation over a ban, the RBI has leaned towards restricting crypto in the local market.