Indian Crypto Bill Creator Says Description Of the Bill Was A Mistake

Indian crypto bill’s creator, Subhash Garg (the earlier Finance Secretary) dismissed the idea of placing a prohibition over private cryptocurrencies by stating it to be a misinterpretation and also pointed towards the huge potential of blockchain technology and cryptocurrency.

The parliamentary debates regarding the controversial bill of cryptocurrencies created concerns related to a crypto ban with no strong signal about the scope of the ban. It was previously reported that a lapse of panic selling was witnessed among investors across India.

During an interview conducted by News 18 (a local news channel) Garg made it clear that perhaps the description of the bill regarding cryptocurrency was not adequately interpreted. He added that it would be wrong to say that bill proposes a ban over cryptocurrencies and urges the authorities to do the same.

Garg considers that the authorities in India should construct a bill following a comprehensive discussion with the crypto investors as well as the stakeholders. Moreover, it is suggested by the bill that an outright ban over the crypto without providing a clear definition for the word private is not recommended.

Consequently, the community of cryptocurrency across India on their own made two diverse interpretations of the agenda of the respective bill out of which one suggests the prohibition of the cryptocurrency whereas the other one eliminates the operation of cryptocurrencies on open blockchains like ETH (Ethereum) and BTC (Bitcoin). He moved on to highlight that there exists a flaw in the respective bill regarding the categorization of cryptocurrencies under the term assets following the classification of the disruptive technology that powers this huge ecosystem.

Furthermore, he mentioned that the entire community is not represented by the crypto exchanges as there is a very low amount of interest occupied by these exchanges.

By providing a conclusion, he noted that it is complex for the countries particularly India to develop CBDC (central bank digital currency) initiatives. As per him, the authorities at first require to meet with the problems like issuance of digital wallets as well as the unavailability of smartphones.

The crypto market of India is consistently alluring international companies with the new coming Coinstore (a Singapore-based exchange of cryptocurrency). It has been formerly reported that a fund of up to $20 million has been allocated by Coinstore for the establishment of the latest offices across the region.