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India Misunderstood Private Crypto Ban, Says Crypto Law Creator

United States, New York, New York
Published 1 month ago
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India Misunderstood Private Crypto Ban, Says Crypto Law Creator
United States, New York, New York,
Published 1 month ago

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The creator of India's cryptocurrency bill, former Finance Secretary Subhash Garg, dismissed the notion of banning "private cryptocurrencies" as a misinterpretation and highlighted the enormous potential of cryptocurrencies and blockchain technology.

Parliamentary discussions around a controversial cryptocurrency bill sparked fears around a cryptocurrency ban, with no clear indication of the scope of the ban. As Cointelegraph reported, a panic selling episode among Indian investors followed the announcement. In an interview with the local news channel News 18.

“[The description of the cryptocurrency law] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned and to hint to the government about the same. "

⁠India Cryptocurrency Prices Fall Following Announcement of Cryptocurrency Bill

He believes that the government of India should formulate a bill after discussing it with stakeholders and cryptocurrency investors. Furthermore, the bill suggests banning private cryptocurrencies without clarifying what the word "private" means.


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    United States, New York, New York
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