Indian former finance secretary says crypto ban assumption was “perhaps a mistake”

The former Secretary of the finance department of India shared his stance and said that assumptions on the crypto bill were probably a wrong idea. 

Last week, the crypto community of India was under a huge hurdle. Within a few hours, the crypto market of the Indian crypto exchange scratched by around more than 30% plunge. Even the value of stable coins also crashed. And the main reason was the pre-assumption of the crypto bill of India. 

According to headlines and titles available on the crypto bill of India, the Indian crypto bill is seeking to ban all private cryptocurrencies and allow RBI to develop Central Bank Digital Currency (CBDCs). Currently, the bill is under discussion and waiting for approval to go in public. Right now the crypto bill is on the table of Cabinet members, according to reports. 

In this situation, Subhash Garg – former finance secretary, shared his point of view with the local media news News18 on 30th November. 

Subhash said that the New crypto bill of India is still under the private domain and not published by the government officials for the lawmakers to see. So here it will be too early to consider the crypto ban decision of the Indian government. 

Subhash mainly asserted that the definition of the private crypto assets is still hidden and all will be unveiled after the crypto bill goes into the public domain for lawmakers. So ” description of the bill as a ban on crypto was “perhaps a mistake,”

Crypto bill 2019 

Mr Subhash Garg drafted an Indian crypto bill in 2019. In that bill, there were guidelines for the government authorities to catch people who are involved in crypto-related activities and also introduced a framework to restrict and ban all kinds of crypto activities. However, that bill was made without proper information so at that time the court ordered to do a huge analysis on crypto with all aspects of opportunities and risks instead of considering the negative sides. 

In the present time, the mentality of the Subhash is changing on the crypto because. Subhash believes that crypto assets are “a useful tool for humanity”. 

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