Banning Cryptocurrencies News In India Are Misleading - Sources.

Banning Cryptocurrencies News In India Are Misleading - Sources.

2021-12-01 | Mike Hallen

Banning Cryptocurrencies News In India Are Misleading - Sources.

Subhash Garg, India's former finance secretary, stressed that "to claim that private cryptocurrencies will be banned is misleading." Former Finance Secretary Subhash Garg, the author of India's crypto bill, criticized the idea of restricting "private money" as "misinformation," instead of emphasizing the great value of cryptocurrencies and blockchain technologies. Parliamentary deliberations on the contentious crypto bill raised fears of cryptocurrency restrictions, despite there being no clear indication of the scope of the ban. As previously reported, the announcement was followed by a series of startling sales to Indian investors. "[The description of a crypto bill] was probably a misunderstanding," Garg clarified in an interview with local TV channel News 18. "To claim that private cryptocurrencies would be prohibited is misleading, and we are also close to the administration." He believes the bill should be drafted by the Indian government following consultation with stakeholders and crypto investors. Furthermore, the measure intends to prohibit the use of bitcoin without specifying what the term "secret" means. As a result, the Indian crypto community interpreted the billing agenda in two ways: one considers banning all non-government cryptocurrencies, while the other excludes secret money operating on public blockchains like Bitcoin (BTC) and Ether (ETH). After highlighting a broad natural environment propelled by disruptive technology, Garg also pointed out the fallacy in defining cryptocurrencies as assets. He also stated that crypto exchanges only represent a small portion of the community: "Like the items, you don't separate the wheat you create, and you don't divide the clothing you produce." That makes treating this as an asset a lot easier. Finally, Garg stated that digital banking efforts, particularly in developing nations such as India, are difficult. According to him, the government must first solve the challenges, which include the lack of smartphone availability and the launch of a digital wallet. India's crypto sector continues to attract international corporations, most recently Coinstore, a Singapore-based crypto exchange. Coinstore has granted a $ 20 million fund to open three additional offices in the region, as previously reported. "The strict KYC process, the requirement for secure transactions, and the gradual control of certain confidential funds naturally protect Indian users and will clarify the legitimacy of certain confidential funds," a Coinstore spokesman said, hoping for the development of a good crypto control framework.

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