21-July-2020 : Garg  Government Regulates Crypto as Commodity

Subhash Chandra Garg, former Economic Affairs Secretary and Finance Secretary of India, talked about the prospect of regulating cryptocurrency in the country during a webinar entitled “Cryptocurrency: What the future holds.” It was organized by law firm Khaitan & Co. in association with Blockon and Crebaco Global. Garg was the keynote speaker and he also appeared on the webinar’s panel discussion.

Garg explained via Twitter on Saturday that he made a case in this webinar for the “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.”

During his keynote speech, after giving the examples of gold, silver, and diamonds, Garg said the value of crypto assets “lies in the eye of the beholder.” He added: “If someone wants to value code which is in the form of a crypto asset and wants to invest in it, it can do in that form, in that way. Crypto asset is a commodity, not a cryptocurrency.”