Govt should allow cryptocurrencies, says former finance secretary S C Garg

The government should regulate and control cryptocurrencies instead of prohibiting them, former finance secretary S C Garg said on Thursday.

Addressing a virtual event organised by industry body Assocham, Garg also said there is undue emphasis on cryptocurrencies and these digital assets will require standard frameworks.

“I don’t think we still have full clarity and understanding about how to regulate cryptocurrencies…Regulate, control cryptocurrencies but allow the crypto assets, encourage the crypto services,” he said.

Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank

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