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According to the creator of the crypto bill, India misunderstood private crypto restriction

3 min reading

Subhash Garg, India's former finance secretary, explained that "it is misleading to say that private cryptocurrencies will be banned."

Former Finance Secretary Subhash Garg, who drafted India's crypto bill, criticised the notion of restricting "private cryptocurrencies" as a misconception while emphasising the vast possibility of cryptocurrencies and blockchain technology.

The discussion in Parliament over a contentious cryptocurrency bill has raised concerns of a crypto ban, with no precise sign of the scope of the ban. As previously reported, the announcement caused a wave of anxious selling among Indian investors. Garg addressed in an interview with local news channel News 18:

“[The description of the crypto bill] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned and to intimate the government about the same.”

He thinks that the Indian government should propose a bill after consulting with stakeholders and crypto investors. Moreover, the bill recommends a ban on private cryptocurrencies without specifying what the term "private" means.

As a consequence, the Indian crypto community self-interpreted two different versions of the bill's agenda — one that proposes banning all non-government issued cryptocurrencies, and the other that prevents cryptocurrencies operating on public blockchains like Bitcoin (BTC) and Ethereum (ETH).

After emphasising the wide ecosystem fueled by disruptive technologies, Garg also highlighted out a fault in categorising cryptocurrencies as assets. He also stated that crypto exchanges have restricted interests and do not represent the broader community:

“You don’t classify the wheat that you produce, you don’t classify the clothes you produce, as assets. That is too much of oversimplification to treat this as an asset.”

Garg concluded by adding that central bank digital currency (CBDC) projects, particularly in countries such as India, are difficult. As per him, the government must first solve issues such as smartphone availability and digital wallet issuance.

Coinstore, a Singaporean crypto exchange, is the latest international firm to enter the Indian crypto industry. According to reports, Coinstore has put aside a $20 million fund to establish three new locations in the region.

In an interview, a Coinstore spokesperson expressed optimism about the growth of a positive crypto regulatory framework:

 “Strict KYC process, security requirement for exchanges, as well as gradual regulation of certain cryptocurrencies naturally protects the Indian users and would clarify the legality of certain cryptocurrencies.”



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