Former finance minister doubts that the Indian government will understand crypto - regulation
Former finance minister doubts that the Indian government will understand crypto - regulation
The Indian government has not submitted the cryptocurrency law intended for the winter session of the parliament. Former Finance Minister Subhash Chandra Garg says that he has no confidence in the ability of the Indian government to find out cryptocurrencies. Garg headed the interministerial committee, which worked out the original crypto law draft, which proposed to ban cryptocurrencies like Bitcoin.
India does not manage to re-enact crypto law in parliament
The Indian government failed to introduce the cryptocurrency law, that was listed in the winter session of locomotive Sabha, the lower house of the Indian parliament. The session ended on Thursday.
The former finance minister Subhash Chandra Garg commented on the government's failure to introduce the crypto law, said the Ians publication on Thursday that "he had no confidence in the ability of the government to find out the complexity of this new crypto phenomenon," said the news agency. He was continued with the words:
I have expressed serious doubts when the government expressed its intention to submit the bill to the introduction of the draft law on crypto assets/currencies in the winter meeting of Parliament. So it is not surprising to see the current situation in which there is no clarity about the draft law.
The Indian government has not revealed what is in the crypto bill. However, there are reports that the government has decided, but but forbid by cryptocurrencies for payments. The state's finance minister, Nirmala Sitharaman, recently said that the draft law . .
The original crypto calculation was designed of the interministerial committee (IMC). The "Banning of Cryptocurrency and Regulation of Official Digital Digital Currency Bill 2019" proposed to ban all cryptocurrencies and regulate digital currencies that are issued by the Central Bank, the Reserve Bank of India (RBI). Garg, who has resigned from his government job now believes that crypto assets should be regulated as goods.
This was the second time that the Indian government failed to bring in a crypto law after putting it on the parliamentary agenda. The first time was in the budget session in February.
According to Garg, the Indian government is caught between two opposing sides: the RBI and the crypto industry. He found that the government is apparently unable to make a decision and described:
The Reserve Bank of India (RBI) believes that crypto technology and companies are only located in the currency business and constantly urges the government to prohibit the cryptocurrencies and to empower the RBI by law.
The RBI said at its most recent meeting of the Central Board of Directors that cryptocurrencies must be completely banned to be , whereby it is emphasized that a partial ban will not work. RBI-Gouvenur Shaktikanta has confirmed several times that the central bank serious and Lies Cryptocurrencies.
GARG added: "The cryptocurrency exchanges that use the power of the other side want the government to treat cryptocurrencies as assets and legally create a regulatory mechanism for it."
He explained that the government is also confronted with other critical problems, including the potential abuse of crypto for Hawala and money laundering, investments worth billions of dollars that flee abroad, and crypto investors who do not pay a capital gains tax.
The Indian Prime Minister Narendra Modi recently said that cryptocurrency should be used to strengthen democracy and does not undermine it. He urged democratic countries Cryptocurrencies do not get into the wrong hands. Last week his Twitter account And chopped A tweet was posted that states that India has introduced Bitcoin as a legal means of payment and bought the government btc distribute.
What do you think that India does not bring any crypto law into the parliament again? And what do you think of Garg's comments? Let us know in the comment area below.
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