The government will state its position on cryptocurrencies after completing the ongoing consultation process, finance minister Nirmala Sitharaman said.
"The consultations are on, you are welcome to participate in it. After the consultation process gets duly completed, the ministry would sit and probably mull over it, which is required because we need the executive to be sure that they are not crossing any legal requirements. After which we will come out saying what’s our position on it," Sitharaman said.
The minister was responding to a question by Ashish Singhal, founder and chief executive of crypto trading platform CoinSwitch, at the India Global Forum in Bengaluru on March 8.
"I know you have sort of led me to say are we regulating it or are we banning it. I am not getting into it now. But after the consultation, yes, we will be talking about it. And I am glad you welcome the taxation," Sitharaman further told Singhal, eliciting laughter from the audience.