During a webinar on July 17, the former Finance Secretary of India, Subhash Chandra Garg, discussed cryptocurrencies with Indian industry leaders including Nischal Shetty, the CEO of Indian crypto exchange WazirX, and Siddharth Sogani, the founder of blockchain research company Crebaco.
In 2019, Garg along with his secretariat drafted a bill that proposed a ban on cryptocurrencies along with a 10-year jail term and a fine of up to 25 crore rupees (~$3.3 million) for anyone who issued, used or held these assets.
Today was the first time Garg discussed the issue with members of the crypto industry, allowing the former Secretary to clarify a longstanding perception that the proposed bill was to completely eradicate crypto assets from the Indian financial ecosystem.
Garg said that he approves of the use of crypto-assets as regulated commodities but added that they must not be allowed to function as currencies in India.In Garg’s opinion, there is no issue with anyone presenting a “computer code” as a digital asset and with people wanting to invest in it. But in that way, he said, crypto is more of a tradable commodity and not a currency, and it should be regulated from the same viewpoint.
He also insisted that private crypto assets as currencies have no justification to exist and must be outlawed.
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https://cointelegraph.com/news/indias-former-finance-secretary-spars-with-industry-experts-on-crypto-banLet's see how it goes.. when it goes.
Although, explaining this to them is kind of like
this Another report on the above Webinar: https://news.bitcoin.com/subhash-chandra-garg-proposes-regulating-crypto-as-commodity-india/Garg also warned about crypto scams and Ponzi schemes, noting that it is the “duty of the government to … protect the gullible people, people who don’t know … I would suggest that the government regulates this very well.” He concluded:
Private cryptocurrencies have no justification to exist … I stand by the recommendation in that cryptocurrencies should be outlawed, should not be allowed to be operated … Crypto assets as commodities should be allowed.