The former Finance and Economic Affairs Secretary of India Subhash Chandra Garg was a keynote speaker in a webinar rganized by law firm Khaitan & Co. in association with Blockon and Crebaco Global.
In his speech he told the Indian crypto community that he thinks crypto-assets should be regulated as commodities in a seminar called “Cryptocurrency in India: What the future holds.”. In the talk, he gave examples of gold, silver, and diamonds and said that "Crypto asset is a commodity, not a cryptocurrency.”
Some more concerning things were, for example, this part of the speech "Private cryptocurrencies have no justification to exist" and “evolution of Demat paper currency as digital currency of future, outlawing of pretender cryptocurrencies to protect people and to allow regulated development and trading of crypto assets as commodities.”. This does not run well with the core idea of cryptocurrencies.
Before resigning from the government he pushed through an infamous bill “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” last year.
You can watch the entire webinar and panel discussion or check Subhash's twitter in the link below.
