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Former Indian Govt Official on Cryptocurrencies

Not be possible to regulate it effectively

Indian Govt Official on Cryptocurrencies

The Indian government is yet to decide the fate of cryptocurrencies on its soil. The Government is often seen playing with words, often indicating they might ban the cryptocurrencies but never coming out clearly with an action. The diplomatic stance of Indian government has been for a while now and in a recent interview with Quartz India, a former top finance ministry official says that regulating cryptocurrencies can be very difficult.

Indian Govt Official on Cryptocurrencies

Shaktikanta Das, a retired officer of Indian Administrative Service, has been a part of Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI). Das in April 2017, headed the first government panel which aimed to regulate cryptocurrencies in India.

According to Das, the biggest problem with cryptocurrencies is they are not backed by any asset which is unlike with traditional fiat currencies.Thus the value of the digital assets is nothing but speculative and hype. Das also conclude that there is no way to regulate cryptocurrency “effectively,” and that is why it “should not be allowed at all.”

“Let us accept that it would not be possible to regulate it effectively. Because they will do transactions from their houses. You cannot enter every home to check what transactions are going on. So, I think this is a serious challenge, and this should not be allowed at all.”

In February 2018, Indian Finance Minister made its stance clearly that cryptocurrencies are illegal tender in India and Indian government is soon coming out with regulations on cryptocurrencies if not banning it. Due to no support from Indian Government recently two Indian Crypto Exchange shut their shop citing the stress caused on business by the Government and Banking Institutions.  

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Source: Quartz India

 

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