India has recently come to the fore with the claim of completely banning cryptocurrencies, and this continues to cause concern in the crypto money industry. Now, an important name in the position of former finance minister of India has expressed his opinion on the bans and has revealed whether it is possible.
Cryptocurrencies Are Not Banned
Former Minister Subhash Garg, In his statement on the subject, he stated that cryptocurrencies may not be completely banned.
Garg is also the person who drafted the crypto money law that will bring the ban in question. While causing panic in the industry with the news that all cryptocurrencies will be banned, the famous name emphasized that this is not true and underlined that the aim is to prevent the misuse of cryptocurrencies.
Stating that cryptocurrencies are not really money and they want to prevent this, the former finance minister emphasized that the government will actually deal with the “money” aspect of it.
This highlights the fact that cryptocurrencies may be banned for payments within India as well. Responding to the claim that cryptocurrencies can be a taxable commodity, the famous name stated that this is oversimplifying cryptocurrencies.
Experts say that cryptocurrencies may soon be banned in the country. In a statement on the subject, Zeby CEO Avinash Shekhar stated that the country is currently behind the regulation and that the regulation to be made may be a complete ban.