“Crypto-currencies created have fallen by the side as currencies. Most guys who launched crypto-currencies have shuttered their businesses. Bitcoin is the only real survivor.” – Former Finance Secretary Subhash Chandra Garg In his latest blog, former Finance secretary Subhash Chandra Garg writes about the need for Digital Rupee as the new generation of Money. He explains the history of Indian Rupee, how digital currencies came into existence, why (private) crypto-currencies…
Posts tagged as “subhash chandra garg”
In a personal blog, India’s former Finance secretary Subhash Chandra Garg writes about a future where digital sovereign currency may become a norm while “private” cryptocurrencies like Bitcoin will meet doom. Almost everyone in the Crypto or Blockchain community of India have heard of Subhash Chandra Garg. He chaired an inter disciplinary committee setup by the government of India that published a report last July, recommending a complete ban on…
In July, DEA’s report on Virtual Currencies recommended a complete ban on Cryptocurrencies. But, DEA’s 2019 report from Steering Committee on Fintech Related issues acknowledges the potential of Cryptocurrencies, Blockchain and ICOs. The Steering Committee on Fintech related issues constituted by the Ministry of Finance, Department of Economic Affairs submitted its Final Report to Finance Minister Nirmala Sitharaman. The report is published on DEA website. The Committee was constituted post…
IT Industry body Nasscom (National Association of Software and Services Companies) has opposed the recent proposal for banning cryptocurrencies in India, saying it is “not a solution” and “regulatory framework must be developed”. An inter-ministerial committee headed by Economic Affairs Secretary Subhash Chandra Garg on July 22 submitted the report and the draft bill on banning of cryptocurrencies and regulating official digital currencies in India. Crypto community was taken aback…
Many conspicuous headlines have tried to portray a different picture of what is happening in India around Cryptocurrency regulations. On July 22, 2019 the Inter-ministerial committee setup by the Indian Government to report on the feasibility of regulating Cryptocurrencies released its report in public. Since then media and individuals from around the world have tried to interpret the report and its companion, a draft bill to ban cryptocurrencies, in their…
On Monday, July 22, India’s Ministry of Finance published the long-awaited crypto regulatory report under the chairmanship of Secretary of Economic Affairs Subhash Chandra Garg. After going through the 108-page report cover to cover, we feel the committee has done some really good work and spent immense time in understanding the subject. However, having said that the report has several glaring irregularities due to lack of relevant high technical knowledge on the…
Indian Government agencies are deliberating to submit a draft bill for Banning Cryptocurrencies and regulating official Digital Currencies. Media reports say departments like CBDT, MCA, DEA want a ban on sale, purchase and issuance of crypto currencies. A final law (for banning) will be proposed to the next Government. How I had dreamed of going for Avengers End Game in the morning today, instead now I am sitting here trying…
The Apex court of India heard limited arguments on Cryptocurrency’s validity in India from IAMAI and RBI before pushing the case to September 11 for the next and final hearing. According to sources, it was pushed because the other respondents on the case like SEBI have not filed their response yet. All the respondents must respond within 4 weeks time from now. September 11 will be the day Supreme court…