Former Indian Finance Minister: Blockchain needs to be developed separately from cryptocurrencies

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Former Indian Finance Minister SubhashChandra Garg believes that the government should abandon its rigid stance on digital assets and promote wider adoption of blockchain.

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

According to Garg, this is entirely justified.He explained that digital assets could pose a serious threat to the government's currency, given that they are not controlled by the government and many citizens consider them an alternative to the Indian rupee.

However, India cannot focus only ondisadvantages and risks of digital assets, since the blockchain on which cryptoassets operate can really improve many areas of activity. Therefore, efforts need to be directed towards the adoption of this technology, suggested the former finance minister.

“Blockchain has always been considered something innovative.But it is so deeply connected to 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 adopted a confusing and complex position that is slowing down innovation. But sooner or later it will come,” Garg said.

Garg does not support an outright digital banassets, otherwise it will go against plans for the development of blockchain in the country. Therefore, the politician called for adequate regulation of these industries and conducting a friendly dialogue with companies working with crypto assets.

The Reserve Bank of India (RBI) is also looking intouse cases for this latest technology, particularly for the launch of the digital rupee. Despite regulators' concerns that a state-owned stablecoin could undermine the role of commercial banks, its launch is scheduled for next year.