Saturday, February 4, 2023

Despite Banning Cryptocurrency, The Indian Government Should Regulate It: SC Garg

The former finance secretary of India, SC Garg, believes that the government should not ban crypto trading in the country, instead, it should regulate and control them.

On May 06, while addressing an event by Assocham, Garg said that despite putting unnecessary emphasis on cryptocurrencies, it would be better to regulate them with standard frameworks.

The former finance secretary further said, “I don’t think we still have full clarity and understanding about how to regulate cryptocurrencies…Regulate, control cryptocurrencies but allow the crypto assets, encourage the crypto services.”

Cryptocurrencies are the digital currencies that regulate their unit using encryption techniques. The virtual currencies use the same technique to verify funds transfer that is being operated independently of a central bank.

In the year 2018, the trading of cryptocurrency was banned in India by the Reserve Bank of India. The Indian central bank ordered the financial entities regulated by it, to cease the virtual currency dealings. Later in the year 2019, the Supreme Court of India asked the center to frame policies for cryptocurrencies in the country. Then in the year 2020, it revoked the curb imposed by the RBI, on banks.

According to Garg, in the next three to five years, there is a possibility that government asks the Indian companies to merge their national accounts with the company’s account, therefore, it would be great if a company holds a digital account. 

Additionally, he said that in the future the whole accounting, auditing and reporting system would be handled automatically.

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