Subhash Chandra Garg, the former finance minister who was responsible for drafting the Indian Cryptocurrency Bill Committee, stated that the government should not ban cryptocurrencies, but should regulate them. He further urged the government to encourage encryption services.

The Indian government should regulate cryptocurrency and encourage crypto asset services

Subhash Chandra Garg stated in a virtual event organized by the industry organization Assocham on Thursday that the Indian government should regulate cryptocurrencies rather than ban them.

He elaborated:

I think we still do not have enough clarity and understanding on how to regulate cryptocurrency. …Regulate and control cryptocurrency, but allow the use of crypto assets and encourage the use of crypto services.

Garg resigned in July 2019 and led the Inter-Ministerial Committee (IMC) to draft a cryptocurrency bill entitled “Prohibition of Cryptocurrency and Regulation of the Official Digital Currency Act of 2019”.

However, Garg said at the beginning of this year that when he drafted the cryptocurrency bill, cryptocurrencies were competing with India’s national currency, and cryptocurrency assets were not prominent at the time. Now, he believes that crypto assets should not be banned.

The Indian government plans to introduce the cryptocurrency bill at the closed parliamentary budget meeting, but it has not proposed any bills. India’s Finance Minister and Secretary of State have already answered some questions about the encryption bill. However, the government has not announced when it will implement the new plan for the bill.

What do you think of Garg’s urging the Indian government to regulate cryptocurrencies instead of banning them? Let us know in the comments section below.

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