Former Minister of Finance India: "Blockchain needs to be developed separately from cryptocurrencies" – Bits Media

Former Indian Finance Minister Subhash Chandra Garg believes, that the government should abandon its hardline stance on digital assets and promote wider adoption of blockchain.

In a recent interview with Subhash Chandra Garg (Subhash Chandra Garg) Shared thoughts on the Indian authorities’ approach to blockchain and cryptocurrencies. He stressed, that the government's attention is still focused on, to curb their spread in the country.

According to Garg, this is completely justified. He explained, that digital assets could pose a serious threat to government currencies, Considering, 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 shortcomings and risks of digital assets, because blockchain, on the basis of which cryptoassets function, can really improve many areas of activity. Therefore, efforts must be directed towards the adoption of this technology, suggested by former finance minister.

“Blockchain has always been considered something innovative. But he is so deeply involved in 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, what slows down innovation. But sooner or later it will come", – Garg said.

Garg does not support an outright ban on digital assets, otherwise it will run counter to plans for blockchain development in the country. Therefore, the politician called for adequate regulation of these industries and friendly dialogue with companies, working with crypto assets.

Reserve Bank of India (RBI) is also exploring options for using this latest technology, in particular, to launch digital rupee. Despite the regulator's concerns, that a state-owned stablecoin could undermine the role of commercial banks, its launch is scheduled for next year.