Former Indian finance secretary admits the government has “zero clarity” on crypto

Former Indian finance secretary Subhas Chandra Garg who was also involved in the first draft crypto bill in a recent interview said, he doesn’t belive government has any clarity on crypto. He went on to add that he has “no confidence in the government to form the crypto bill.” Garg in his interview with IANS said,

“I expressed serious doubts when the government had expressed its intent to present the bill, about the introduction of the crypto-assets/currencies bill in the Winter Session of Parliament. I am, therefore, not surprised to see the present situation where there is zero clarity over what is the Bill,”

The former finance secretary’s comments came in the wake of the conclusion of the winter parliament session that ended without any discussion on the crypto bill. Many government sources confirmed that the government would introduce and discuss the crypto bill during the winter session, however, the finance minister announced that the draft bill has not yet been approved by the financial committee.

This would mark the second occasion in 2021 when the Indian parliament has put crypto among the list of agendas to be discussed, but failed to introduce the bill despite assurance from time to time.

India crypto community waits longer

Indian crypto ecosystem has thrived over the past couple of years to become a formidable name in the crypto ecosystem. Some of the most popular crypto exchanges in India like CoinDCX and CoinSwitch Kuber raised hundreds of millions of dollars to become crypto unicorns. Foreign VC funds and institutional giants are also actively awaiting clarity to invest more in the firms with the potential to make big in the decentralized world.

While self-regulation has worked for quite some time, crypto stakeholders belive the government must take in their suggestions or help to formulate a better regulatory framework.