Former Finance Secretary Subhash Chandra Garg, who headed the committee that drafted Indiaâ€™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
Garg, who resigned from his government position in July 2019, headed the interministerial committee (IMC) that drafted the cryptocurrency bill entitled â€œBanning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.â€
However, Garg said early this year that when he drafted the crypto bill, cryptocurrencies were competing with Indiaâ€™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.
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