Conclave 2022 On Digital Currency : A Complete ban on cryptocurrency in India would not be in order, says SC Garg

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Digital Currency Conclave 2022: Amid Covid-19 uncertainties, Bitcoin, Ethereum, and other cryptocurrencies have garnered significant attention in India and across the world. Many see digital currencies (including private cryptocurrencies) as the future of finance. However, in the absence of regulations, cryptocurrencies are currently reduced to being a speculative asset class with extreme volatilities.

According to the latest research by Markets-and-Markets, even banks have started buying crypto for the first time. Banks in the US are creating their own blockchain-based systems, including digital currencies, to enable B2B cryptocurrency payments between their customers. In October 2020, PayPal announced that its customers will be able to buy, sell, and hold Bitcoin and cryptocurrencies using their PayPal accounts. The cryptocurrency market size is expected to grow from $1.6 billion in 2021 to $2.2 billion by 2026, at a CAGR of 7.1%. Transparency or distributed ledger technology and growth in venture capital investments are the key factors driving the growth of the market.

While crypto/digital currencies and blockchain, the tech behind digital currencies, are growing at a rapid pace in India, there are several contested issues on which clarity is required. During the two-day Digital Currency Conclave organized by financialexpress.com, experts will weigh in on all such contested issues and discuss the way forward. The topics of discussion include the need for digital currency; the role of digital currency and assets in a modern world; the socio-economic impact of digital currency; the need to legitimize digital currency; fighting financial frauds; building digital assets and cybersecurity and the need to build strong walls.

A complete ban on cryptocurrencies would not be in order: SC Garg

“My sense is that the Government and the Reserve Bank have not materially moved from the original concern which they had – of the cryptocurrencies being a competitor to the rupee.

“The Government is getting sensitive to the asset aspects. Cryptocurrencies are not just currencies. They are much more than that. Therefore a complete ban would not be in order,” says SC Garg.


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Location: India

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