For the first time, the former Finance Secretary of India who proposed a blanket ban on cryptocurrencies discussed digital assets with industry leaders.
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.
Opening a dialogue with the industry
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.