Negotiations are underway with the RBI on cryptocurrencies!

Union Finance Minister Nirmala Sitharaman has said that discussions are underway with the Reserve Bank on how to deal with cryptocurrencies and an appropriate decision will be taken after consultation.

She noted that the situation in the banking sector has improved and all public sector banks are doing better.

The Minister made these remarks in his address to the Central Board of Directors of the Reserve Bank.LIC, a public sector life insurance giant, said it had received positive feedback on the filing of the draft prospectus on the proposed public issue.

On the other hand, at the board meeting, the board reviewed the current economic situation, domestic and international challenges.RBI Governor Shaktikanta Das has said that inflation is declining.

He said India had adequate foreign exchange reserves to withstand adverse international developments.The meeting was attended by Finance Ministry sources, newly appointed Chief Financial Adviser V Anantha Nageswaran and others.RBI Deputy Governor T.Krishnan said that cryptocurrencies are worse than Ponzi schemes.Ravi Shankar commented.

These would pose a threat to the countrys economic sovereignty.Attending the 17th Annual Banking-Technology Conference and Awards, he said banning cryptocurrencies was the only solution.

Shankar said the main purpose of crypto technology was to circumvent government regulation, which was created to keep the regulated economy afloat.