While addressing the participants at a virtual event organized by industry body Assocham recently, former Finance Secretary Subash Chandra Garg said that the government should not outright ban cryptocurrencies but it should come with a proper plan to regulate cryptocurrencies to promote the growth of digital currencies. In his statement, he also urged the government to promote the use of crypto services.
Subhash Chandra Garg as the former Finance Secretary of India headed the inter ministerial committee (IMC) that drafted India’s cryptocurrency bill and had a major role in the overall process of the regulation of cryptocurrencies in the country.
This has come as a much-needed ray of hope for the crypto industry amid the ongoing concerns over the possible ban on cryptocurrencies by the Indian government. As of May 2021, the Indian crypto industry has millions of participants, including active users, investors, startups and developers. All these people are looking forward to hearing good news from the government, which seems to be determined to put a full ban on cryptocurrencies.
In his address, the former Finance Secretary urged the government to consider regulating cryptocurrencies instead of completely prohibiting them. “I don’t think we still have full clarity and understanding about how to regulate cryptocurrencies... Regulate, control cryptocurrencies but allow the crypto assets, encourage the crypto services.”
At the same time, Garg is positive that the government will come up with some intermediary solution that emphasizes the benefits of cryptocurrencies while removing their negative sides.
At the time of writing this article, there are already over a thousand cryptocurrencies exist in India, including many international crypto-coins and many more coming. Many of these cryptocurrencies are backed by strong and futuristic projects that can do a lot of good for the Indian economy and people. The Libra Project, which was launched in India only recently, for instance, intends to streamline the Indian e-commerce system with the global one using blockchain technology. It will not only allow Indian manufacturers to sell and supply their products to a worldwide audience but also it will ensure a truly trustless and middleman-free e-commerce system backed by many strong and secure payment options backed by the Libra Coin.
There are many such crypto projects that are already here in India and developing their innovative systems to help the Indian economy grow in line with the global standards. It’s time for the Indian government to back this revolution and not do anything to interrupt it. Creating and launching a proper crypto regulation would be the best first step.
There are already many crypto exchanges in India, allowing Indian users and investors to easily buy and trade their favorite cryptos. Libra is also planning to soon launch its global crypto exchange in India, which will allow cashless trading of ETH, Libra coin and multiple other digital currencies.
We are hopeful that the Indian government will come up with a solution that fits the industry demands and what the country needs. Banning cryptocurrencies is certainly not the right way. What we need is a proper system to manage and run the crypto industry,” says the CEO and founder of Libra Ecosystem.
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