In what would be relieving news for Indian crypto investors, the drafter of the initial Cryptocurrency Bill has said that the phrase ‘private cryptocurrencies’ is misconstrued. Subhash Garg, former finance secretary, has made it clear that the bill does not intend to ban cryptocurrencies. He also added that the misunderstanding ensued due to the absence of any explanation of the phrase ‘private cryptocurrency’.
Speaking to Indian media outlet News 18, Garg said that cryptocurrency and blockchain have immense potential to transform the world. These technologies, when harnessed properly, will be a great boost for the Indian economy. Garg also believes that the government will not take any decision in haste and must consult investors before coming to any conclusion. Following the clarification on national media, Indian cryptocurrency investors can now finally stop panic selling.
Over the past few months, the Indian cryptocurrency industry has gone through a lot of turmoil. There was a huge confusion regarding the official statement that said ‘private cryptocurrencies’ will be banned in India. It led to two interpretations. While some believed that all cryptocurrencies will be banned, others felt that cryptocurrencies on public networks – like Bitcoin & Etehreum – will not be under ban.
India has great growth potential in crypto and blockchain technologies. With a young, tech-savvy population, many Indians have already gone deep into crypto investment. A ban on cryptocurrencies would have been disastrous for millions of such investors, but fortunately it does not seem to be going that way.