India is the biggest hub of cryptocurrency investors, with the number of investors crossing the 100 million mark. While investors are holding on to their tokens, the creator of the Indian crypto bill, which will step inside the Parliament in the winter session, revealed that the bill is highly misunderstood.
Indian crypto bill is misleading
In an interview with News 18, the former Finance Secretary Subhash Garg revealed that saying that India is looking to ban all “private” cryptocurrencies is misleading. There is no clarity as to what exactly is a “private” cryptocurrency.
The Indian crypto bill is still in the works, and according to Garg, it still hasn’t been approved by the Indian Cabinet. He “even doubts whether this bill will get introduced.”
Originally drafting the Indian crypto bill in 2019, Garg noted the explosion of the crypto industry in 2020-2021 and said that it has become very easy for any individual to create a digital currency.
“When you are not even ready with the bill, it is misleading to say that private cryptocurrencies will be banned and to intimate the government about the same. Ideally, the government should discuss with stakeholders and crypto investors and then formulate a bill,” said Garg in the interview.
It is no new fact that the Reserve Bank of India has been working on the digital rupee. Investors expect that the Indian crypto bill awaiting the Cabinet’s approval will also describe the CBDC. However, Garg stated that the process of creation and distribution of an Indian rupee which can be used for payments via phone, is not very easy. The reason is that not every person in the country has a smartphone or a wallet.
Furthermore, Garg also commented on the Indian crypto bill’s decision to classify crypto as an asset, citing it as an “oversimplification” of something complex.
“Cryptocurrency is crypto assets, crypto services and this is whole economy. You don’t classify the wheat that you produce, you don’t classify the clothes you produce, as assets,” said Garg.