Indian Finance Minister Says RBI Is on Board With New Crypto Rules

Sitharaman downplayed concerns of disagreements between the central bank and the government on crypto.

Feb 14, 2022 at 8:56 a.m. UTC
Updated Feb 14, 2022 at 5:35 p.m. UTC

Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.

The finance ministry and the central bank are on board with the new crypto rules framed in the budget proposal, Indian Finance Minister Nirmala Sitharaman said Monday.

  • "The RBI and the government [are] on board. Discussions are ongoing. Even before the budget discussions [they] were ongoing and they will continue. Any discussion the government takes or the Reserve Bank takes, it happens only after discussions with each other," Sitharaman said at a press briefing after addressing the RBI's central board.
  • "We were all discussing prior to the budget. And we shall continue to have the discussions. And all decisions ... are being taken on it, obviously, because it [is] very serious, it is a digital currency from the central bank of some sort, of some shape, some color, some description. So obviously it will be with both of us having had enough consultations," she added.
  • India's new crypto rules, which are expected to be formalized in March, were announced as part of the annual budget speech on Feb 1.
  • The proposals included a 30% tax on any income from the transfer of virtual digital assets, a first for the nation, a time frame to introduce the digital rupee (India's version of a central bank digital currency) by April 2023 and a 1% tax deducted at source (TDS) on any transaction.
  • The finance minister downplayed any concerns of a difference of opinion between the central bank and the ministry. She added the two have been "respecting each other's domain, also knowing what we've to do with each other's priorities and in interest of the nation. There's no turfing here."
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Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.

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Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.

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