Express
India’s Former Finance Secretary Approves The Use of Crypto-Assets Only as Regulated Commodities
Summary: Former Finance Secretary of India, Subhash Chandra Garg, discussed cryptocurrencies with Indian crypto experts for the first time during a webinar on July 17, as reported by cointelegraph. Garg proposed a bill blocking cryptocurrencies along with imposing harsh punishment on people who issued, used, or held digital assets in 2019. Today’s discussion with industry leaders, ...
Former Finance Secretary of India, Subhash Chandra Garg, discussed cryptocurrencies with Indian crypto experts for the first time during a webinar on July 17, as reported by cointelegraph.
Garg proposed a bill blocking cryptocurrencies along with imposing harsh punishment on people who issued, used, or held digital assets in 2019. Today’s discussion with industry leaders, however, indicates the hardliner’s acceptance for cryptocurrency may have increased.
However, Garg noted that functioning crypto as currencies must be outlawed. With a high cost in implementing blockchain technology, Garg made a somewhat absolute remark: “It can never be a common man’s currency.”
One of the crypto supporters, Founder of blockchain research company Crebaco Siddharth Sogani, concluded that the government should instead strive to understand the technology and help it grow.
By Lily Yang
Tags: Regulation
Link: India’s Former Finance Secretary Approves The Use of Crypto-Assets Only as Regulated Commodities [Copy]
