Narendra Modi government and the Reserve Bank of India (RBI) have shown an inclination towards Blockchain adoption, but both remain unconvinced towards cryptocurrencies. The finance ministry panel led by Subhash Chandra Garg, secretary in the department of economic affairs was expected to submit a proposal by July. According to a senior government official who requests anonymity:
“In fact, we had one meeting specifically on this topic. A public blockchain needs to have a token and you can’t have it by excluding cryptocurrencies. Moreover, a public blockchain is analogues to the internet and no one can control it.”
“If a common man is involved in a blockchain that can be used to mine or validate a particular transaction then it takes resources. The investors are then incentivised by paying in cryptocurrencies, so if these digital coins are removed from the equation then it doesn’t make sense.”
Another panel led by Garg was appointed in December 2017, which suggests treating cryptocurrencies as a commodity, instead of banning them outright, A government official stated in an interview with Quartz last month.
Earlier this year, RBI strictly prohibited Cryptocurrency exchanges pushing the idea of involving them to a corner. Several exchanges have challenged the RBI decision to ask banks to wind up all business relationship with them and investors in supreme court. The hearing for the same has been set for Sept. 11.
Source: Quartz India
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