Subash Garg, ex-department of economic affairs (DEA) secretary, has on Saturday suggested a move which will help the cryptocurrency take baby steps in the Indian market. Garg made the recommendation keeping in mind the draft bill passed by the Indian government which has barred crypto to be used as a currency.
Garg said that keeping the draft bill in mind, the cryptocurrency can be used as a commodity or asset in India, if approved by the government and not as a currency. His suggestion came at the webinar organised by Credit Rating for Exchanges, Blockchains and Coin Offerings (CREBACO), in association with leading law firm Khaitan & Co.
“While I stick to what we said in the report of the virtual currencies committee, the crypto asset is anybody’s right to create. The value lies in the eyes of the holder,” Garg said.
The suggestion made by Garg comes as a huge boost for the cryptocurrency market in India. His remarks come after he had barred the currency but in a varying opinion, Garg now feels that it can be allowed as an asset or commodity.
“It is the government’s duty to protect the gullible people. The people who don’t understand need to be protected,” he said.
Garg is also a big supporter of blockchain and supports its use in financial markets.
“Don’t be scared of crypto and ban it, instead help it grow. When there is something so new, the knowledge is derived by practical experience, not by a set of books. A lot has to be done,” Sidharth Sogani, founder and chief executive officer (CEO), CREBACO Global Inc, said.
“After the lockdown, people wanting to know and understand about crypto currencies has increased four times,” Nischal Shetty, founder, WazirX, a platform facilitating crypto trading, said.