The Indian Crypto Community sees the departure of Subhash Chandra Garg in a positive account, who was the Secretary of Department of Economic Affairs (DEA). After drafting the crypto bill, which exhibits a poor image of Cryptocurrency and proposes to ban the digital currency in India. Though the Government of India has assured that cryptocurrency is not banned and the ‘bill’ will be scrutinized by the concerned authorities.
After the bill was made public on 22nd July by the Inter-Ministerial Committee (IMC), which recommended to ban the digital currencies. The Crypto enthusiasts were crestfallen and considered the bill to be immature and lackluster.
The committee led by Garg began working on the crypto recommendations since Nov 2017 and after a long workout, the committee concluded digital currency to be iniquitous and of no real value. After the report was published, Garg tweeted:
“Private cryptocurrencies are of no real value. Rightly banned.”
After Garg’s tweet, crypto aficionados took on his tweet and there was a drizzle of comments. A user tweeted,
BTC isn’t private, it is more transparent than your INR.”
More users reacted that cryptocurrency is the future and it is set to revolutionize the world with its decisive technology. Making such a decision could cost a big loss to the IT industry.
Entire crypto community in India is happy to know that you are quitting.
— Malang Baba (@malang_77) July 25, 2019
Undoubtedly, India is one of the emerging IT nations and has become a hub of IT industry. The people understand the importance of digital currency and its future prospect. The crypto community thinks that the bill consists of incomplete research and there should be a committee consisting of crypto technicians, who understand and have known how about the crypto world.
The bill dates back to 28th February, which means that the report was finalized five months back. The CEO of local exchange, Coindcx said that the report has some serious shortcomings, as it does not have the understanding of DLT and cryptocurrencies. Moreover, the report completely neglected the FATF guidelines, which states that cryptocurrencies are not periling to the global economy and can be regulated properly.
For not understanding basic crypto uses and biased report written to Government. I hope the next person in office after you, is educated enough!
— DJ Prithvi (@djprithviindia) July 25, 2019
The senior crypto analysts in India think that the Government will overlook this bill and will come up with an open mind. This is about the future and people who have a better understanding of crypto shall we involved in this matter, mentioned crypto analysts.
After all the fuss, Prime Minister Narendra Modi appointed Atanu Chakraborty as the new DEA Secretary. After the arrival of a new secretary, crypto enthusiasts look forward towards positive development.
The crypto community is very much active and they are pressurizing the government to take a constructive stance regarding cryptocurrency. A hearing was to be made by Supreme Court of India on the crypto case on 23rd July, which was delayed. In coming days, this case will be heard at the Supreme court and users await a positive response from the court.
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