Indian government will define cryptocurrencies as exchange commodities
During a conference with a representative of the Indian cryptocurrency exchange WazirX, the former secretary of the Indian Economic Department, Subhash Chandra Garg, spoke about the need to regulate cryptocurrencies as exchange commodities.
Cryptocurrency Ban Law in India
Last year, Subhash Chandra Garg was working on a bill to ban the use of cryptocurrencies in the country. Violators faced a prison sentence of up to 10 years and a fine of up to US $3.3 million.
Local crypto enthusiasts were very worried about the work on this law. So the official decided to talk to the crypto community. As Garg explained, the planned law did not imply a complete ban on the use of cryptocurrencies.
Cryptocurrencies are commodities
According to the official, cryptocurrencies can be used as exchange commodities, but not as currencies. Consequently, a digital asset in the form of a computer code, in which money is invested, should be regulated on a par with exchange commodities. But all anonymous cryptocurrencies are still planned to be banned.
Official acknowledged the benefits of blockchain
Subhash Chandra Garg considers cryptocurrencies to be a hopeless technology that has little chance of becoming truly popular among all segments of the population. However, the former secretary noted that blockchain technology itself has great potential for use in the financial industry