According to the PTI report, Subhash Chandra Jarj, who was former Minister of Finance in the Indian government and who chaired the committee that drafted India’s cryptocurrency bill, stated on Thursday in a hypothetical event organized by the Industry Authority “Assocham”:
The Indian government should regulate cryptocurrency rather than ban it.
I don’t think we still have complete clarity and understanding about how to regulate cryptocurrencies … regulating and controlling cryptocurrencies but allowing cryptocurrency assets and encouraging cryptocurrency services.
Former Finance Minister: Cryptocurrencies should not be banned
The former finance minister, who resigned from his government post in July 2019, chaired the Inter-Ministerial Committee (IMC) that drafted a cryptocurrency bill with the title:
“Banning the cryptocurrency and regulating the official digital currency law of 2019.”
Earlier this year, Subhash Charge said that when it drafted the cryptocurrency bill, cryptocurrencies were competing with India’s national currency, and cryptocurrencies were not prominent at the time.
Now, it is believed that cryptocurrencies should not be banned.
This means that the Indian government may be planning to impose a blanket ban on cryptocurrencies.
Indian government and cryptocurrencies:
As previously reported, the Indian government planned to introduce the crypto bill at the budget session of Parliament, which had already ended without the introduction of such a bill.
The Indian Minister of Finance and the Minister of State answered some questions about the cryptocurrency bill.
However, the government has not announced a new plan for when the bill will be submitted.
Indian Finance Minister Nirmala Sitraman stated that the government may not ban the cryptocurrency completely, but rather leave room for research in this area.
Earlier last year, India’s Supreme Court lifted the ban on cryptocurrencies by the Reserve Bank of India.
The cryptocurrency community is anticipating the Indian government’s decision towards cryptocurrencies, as India has an influence on the cryptocurrency market that it derives from the number of its citizens, which exceeds a billion people.