Crypto Ban Assumption Were “Perhaps a Mistake”, Says Former Indian Finance Secretary
According to the former secretary of the Indian Ministry of Finance shared his position and said speculations about the crypto bill were probably a myth.
The previous week was a big hurdle for the crypto community in India. Within hours of the bill-related news, the Indian crypto exchange crypto market had fallen nearly 30 percent. Collectively taking down the value of the stable coins. The main reason for this event was the speculations regarding India’s crypto bill.
Indian Crypto Bill allows the RBI to ban all private cryptocurrencies and to allow the Central Bank to develop a digital currency (CBDC) as the titles available in the Indian crypto bill suggest. Currently, the bill is under discussion and is awaiting public approval. Currently, the crypto bill is on the cabinet table.
In this context, on November 30 Subhash Garg, the former finance secretary, shared his views with local media outlets and said that:
The new crypto bill in India is still in the private domain and has not been published by government officials for lawmakers to see. So it would be too early to consider the decision of the Government of India on crypto ban.
Furthermore, Subhash highly emphasized that the definition of private crypto assets was still unclear and that everything would be disclosed after the crypto bill went public for legislators. So the “interpretation of the bill banning crypto” is probably wrong.
In 2019, Mr. Subhash Garg drafted the Indian Crypto Bill. It contained guidelines for government officials to apprehend individuals involved in crypto-related activities and introduced a framework to regulate and prohibit all forms of crypto activity. But since the bill was drafted without accurate information, the court, however, ordered a massive analysis of all compatible cryptocurrencies, regardless of the pros and cons.
Although Subhash’s mentality in crypto is changing these days. Now Subhash believes that crypto assets are “a useful tool for mankind”.