Positive news from India about Cryptocurrency
After the big jolt, given by the Finance Minister in his budget speech, in sentiments about crypto currencies in India. There is news which can not in any way be considered negative.
Mr. Subhash Chandra Garg, secretary, department of economic affairs in an interview to Moneycontrol stated that the group on crypto assets under his chairmanship will submit its report in the next two months covering the entire spectrum.
He was of the view that no one except Governments can issue currencies there for crypto currency is a misnomer and described it as an ASSET. ( My views) This means that Government is ready to consider the value of cryptos as an asset. Good enough! Yes it is good because asset do have value meaning they can be exchanged with other things or services. Thar is what currencies also do. So what is the difference? Wlll simply dont call it a currency. Does it matter much? You have gold and use it for transactions would it hamper the value of Gold? No certainly not. Same way cryptos may be treated. A positive news.
Secondly he said that Governments worry about cryptos was to eliminated its use for illegal activities. That they will do everything to eliminate such activities. (My views) Good enough no honest investor would like to use the crypto for illegal purpose and having strict rules and regulations about its dealing would only clean the system and led the cryptos more credibility then it has presently. If cryptos have more credibility then more investors would be attracted and then investors would only stand to gain on their investment. Certainly a good news.
He also said that if people find these cryptos as valuable then it is fine. But also warned that people must understand the perils of it clearly. (my views) No harm in it. Even today and before every investor who has invested in cryptos has done it on his own risk and the risk in known to all who are investing in this world.
Conclusion:
The things said by the Secretary is a very positive one and this should alleviate the fear which spread after the Budget speech of the Finance Minister in the Parliament.
We hope a clear policy would be in place within two months. I am really hopefull of good things to come to crypto world in India.