Former Indian Finance Minister Subhash Chandra Garg believes the government should move away from its hardline stance on digital assets and encourage greater blockchain adoption.
In a recent interview, Subhash Chandra Garg shared his thoughts on the Indian authorities’ approach to blockchain and cryptocurrencies. He stressed that the government’s attention is still focused on curbing their spread in the country.
According to Garg, this is quite justified. He explained that digital assets can pose a serious threat to the state currency, given that they are not controlled by the government, and many citizens consider them an alternative to the Indian rupee.
However, India cannot focus only on the disadvantages and risks of digital assets, as the blockchain that crypto assets operate on can indeed improve many areas of activity. Therefore, it is necessary to direct efforts towards the adoption of this technology, the former finance minister suggested.
“Blockchain has always been considered something innovative. But it is so deeply connected to crypto assets that it is still difficult to distinguish between these technological innovations. Blockchain will change the world, blockchain is the future. Unfortunately, India has taken a confusing and difficult position, which slows down the implementation of innovation. But sooner or later it will come,” Garg said.
Garg does not support an outright ban on digital assets, otherwise it would go against the blockchain development plans in the country. Therefore, the politician called for adequate regulation of these industries and a friendly dialogue with companies working with crypto assets.
The Reserve Bank of India (RBI) is also exploring options for using this latest technology, in particular to launch a digital rupee. Despite the regulator’s fears that the state stablecoin could undermine the role of commercial banks, its launch is scheduled for next year.
Source: Bits
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