Cryptocurrency regulation work nearly complete: FM Sitharaman

Finance Minister Nirmala Sitharam has said that the Union Government is not against cryptocurrency and will instead look into ways it can help the country's fintech sector.

In an interview to The Economic Times, Sitharaman has said that cryptocurrency is a very big potential area where a lot of global developments are taking place.

"We cannot be moving ahead as if this doesn't exist. We are not saying no to cryptocurrency. We are saying we will have to see how this technology can help fintech to maximise the potential it has. But how sophisticated regulation can be is something which I want to work with the RBI," she told the newspaper.

Read | FM Nirmala Sitharaman expects retail inflation to be within MPC's comfort range going ahead

The finance minister also said that the work was nearly complete and the cabinet had to decide on it now.

Asked about the privatisation of BPCL and Air India, Sitharaman said she was optimistic that the process would be completed by 2021-end.

"When the government lets go of its ownership, there is far more due diligence that has to be adhered to. There is the complete unglamorous backroom work. You will feel probably it is not happening. But the details of what happens at the back are unglamorous but completely necessary," she stated.

Questioned if the LIC IPO is on track, Sitharaman said yes. She added that details of the stake to be divested would be divulged in due course.

Amid China's crackdown on technology, the Finance Minister said that India is probably ideally situated to attract businesses looking to move out of China.

Read | Bans, stock collapses and policy overhaul: China’s tech crackdown, explained

"We are probably ideally situated, not so much geographically, but the principles. Therefore, people who want to relocate, see the virtues of this kind of evolution. We give the best of both worlds and a vibrant democracy being what it is, has its own way of pruning things. I've heard some very influential political thinkers, global business leaders tell me that India has it all now and we feel this is the best place to be. So, therefore, yes, opportunities exist," she said, as quoted in the report.