Former Finance Secretary Urges Indian Government to Encourage Crypto Services, Regulate Cryptocurrencies

Former Finance Secretary Subhash Chandra Garg, who headed the committee that drafted India’s cryptocurrency bill, says that the government should not ban cryptocurrencies but regulate them instead. He further urges the government to encourage crypto services.

Indian Government Should Regulate Cryptocurrencies and Encourage Crypto Asset Services

Subhash Chandra Garg said Thursday at a virtual event organized by industry body Assocham that the Indian government should regulate cryptocurrencies instead of prohibiting them, PTI reported.

He elaborated:

I don’t think we still have full clarity and understanding about how to regulate cryptocurrencies … Regulate, control cryptocurrencies but allow the crypto assets, encourage the crypto services.

Garg, who resigned from his government position in July 2019, headed the interministerial committee (IMC) that drafted the cryptocurrency bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.”

However, Garg said early this year that when he drafted the crypto bill, cryptocurrencies were competing with India’s national currency and crypto assets were not prominent at the time. Now, he believes that crypto assets should not be banned.

The Indian government had planned to introduce the crypto bill in the Budget session of parliament which already ended and no bill was introduced. The Indian finance minister and the Minister of State have answered some questions about the crypto bill. However, the government has not announced a new plan of when the bill will be introduced.

What do you think about Garg urging the Indian government to regulate cryptocurrencies and not ban them? Let us know in the comments section below.