{"id":374254,"date":"2021-11-30T11:39:48","date_gmt":"2021-11-30T08:39:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/india-misinterpreted-private-crypto-ban-says-crypto-bill-creator\/"},"modified":"2021-11-30T11:39:48","modified_gmt":"2021-11-30T08:39:48","slug":"india-misinterpreted-private-crypto-ban-says-crypto-bill-creator","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/india-misinterpreted-private-crypto-ban-says-crypto-bill-creator\/","title":{"rendered":"# India misinterpreted private crypto ban, says crypto bill creator"},"content":{"rendered":"<p>&#8220;<strong># India misinterpreted private crypto ban, says crypto bill creator <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvZjkxZTU5ZjAtYjNhNi00ZDI3LTk3MzgtZWIzOGY5YjMxZWQ3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>The creator of India\u2019s crypto bill, former Finance Minister Subhash Garg, dismissed the notion of banning \u201cprivate cryptocurrencies\u201d as a misinterpretation while highlighting the enormous potential of cryptocurrencies and blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>.<\/p>\n<p>The Parliamentary discussions around a controversial crypto bill sparked fears around the ban on cryptocurrencies, with no clear indication about the ban&#8217;s scope. As Cointelegraph reported,\u00a0an episode of panic selling among Indian investors\u00a0followed the announcement. In an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.news18.com\/news\/business\/crypto-bill-description-on-banning-private-crypto-was-a-mistake-ex-fin-secy-who-drafted-bill-4500380.html\">interview<\/a> with local <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> channel News 18, Garg clarified:<\/p>\n<blockquote><p>\u201c[The de<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">script<\/a>ion of the crypto bill] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned and to intimate the government about the same.\u201d<\/p><\/blockquote>\n<p>He believes that the Indian government should formulate a bill after discussing it with stakeholders and crypto investors. Furthermore, the bill suggests banning private cryptocurrencies without clarifying\u00a0what the word \u201cprivate\u201d stands for.<\/p>\n<p>As a result, the crypto community in India self-interpreted two different versions of the bill\u2019s agenda \u2014 one that considers banning all non-government issued cryptocurrencies and the other that excludes cryptocurrencies running on the public blockchains such as Bitcoin (BTC) and Ethereum (ETH).<\/p>\n<p>Garg also pointed out a flaw in classifying cryptocurrencies as assets after underscoring the vast ecosystem powered by disruptive technology. He also said that crypto exchanges have limited interests and do not represent the entire community:<\/p>\n<blockquote><p>\u201cYou don\u2019t classify the wheat that you produce, you don\u2019t classify the clothes you produce, as assets. That is too much of oversimplification to treat this as an asset.\u201d<\/p><\/blockquote>\n<p>On an end note, Garg added that the central bank digital currency (CBDC) initiatives, especially in countries like India, are complex. According to him, the government first needs to address challenges, including the unavailability of smartphones and digital wallet issuance.<\/p>\n<p><strong>Related: <\/strong><strong><em>Singaporean crypto exchange enters India amid regulatory uncertainty<\/em><\/strong><\/p>\n<p>The Indian crypto market continues to attract international firms with the latest being Coinstore, a Singaporean crypto exchange. As Cointelegraph reported, Coinstore has allocated a $20-million fund to set up three new offices in the region.<\/p>\n<p>Speaking to Cointelegraph, Coinstore spokesperson was hopeful for the development of a positive crypto regulatory framework:<\/p>\n<blockquote><p>\u201cStrict KYC process, security requirement for exchanges, as well as gradual regulation of certain cryptocurrencies naturally protects the Indian users and would clarify the legality of certain cryptocurrencies.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/india-misinterpreted-private-crypto-ban-says-crypto-bill-creator\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# India misinterpreted private crypto ban, says crypto bill creator &#8221; The creator of India\u2019s crypto bill, former Finance Minister Subhash Garg, dismissed the notion of banning \u201cprivate cryptocurrencies\u201d as a misinterpretation while highlighting the enormous potential of cryptocurrencies and blockchain technology. The Parliamentary discussions around a controversial crypto bill sparked fears around the ban&#8230;<\/p>\n","protected":false},"author":1,"featured_media":374255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvZjkxZTU5ZjAtYjNhNi00ZDI3LTk3MzgtZWIzOGY5YjMxZWQ3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74858,74894,74863,77310,90774,74355,76308,70301,71511,17318,70934],"class_list":["post-374254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-regulation","tag-blockchain","tag-cryptocurrencies","tag-indian-crypto","tag-indian-government","tag-adoption","tag-ban","tag-bills","tag-government","tag-india","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/374254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=374254"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/374254\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/374255"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=374254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=374254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=374254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}