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Top Indian official says, "not possible to regulate cryptos effectively."

Mar 14, 2018 Posted /  2552 Views

Top Indian official says, "not possible to regulate cryptos effectively."

Indian authorities have more than often expressed their distaste about cryptocurrencies. But the precise reason which emerges out from "its illegal" rhetoric is that they have not been able to comprehend cryptocurrencies and the technology behind it. The state just debates a denial towards its abilities and plans to tax it without proposing any comprehensive statutory control. However, one of the prime Indian Finance Ministry official has stated that it is not possible.

The dilemma of Cryptos

There is no secret that India doesn't like cryptocurrencies and have issued warnings against its use time and again. But the matter of fact is that despite continually warning about its utilization and investment, the nation has done nothing to act on its use. So Bitcoin and its cousins are neither banned nor regulated in the country.

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It was in February Budget Speech that chaos was created. The media wrongly interpreted the Finance Minister Arun Jaitley's Budget speech and said that the country was banning the cryptos. But it turned out that the FM was indicating a ban on its illegal use. Yet a committee was set up to study cryptocurrencies and formulate a comprehensive regulatory framework for the digital coins.

The first advisory that was set up last year has advised against allowing the use of the virtual currencies in the country while the current committee is just mulling over the different opinions. Now Shaktikanta Das, who headed the last year's panel ascertains that regulating cryptocurrencies would be a troublesome business. He says that no matter what framework the government aims to create, Indians will go on to make transactions at their homes and you cannot check each and every home.

Quartz quoted him, " You cannot enter every home to check what transactions are going on,” Das continued. Identifying the “serious challenge,” the once high-ranking Finance Ministry official approached Indian authorities with a new recommendation. He said to Quartz, "Let’s accept that it would not be possible to regulate it effectively."

It is noteworthy that Das is a prominent figure in India when it comes to financial advisory and the decision-makers highly value his judgment in Delhi. Das has held numerous key positions at the Finance Ministry, working as head of both the Department of Revenue and the Department of Economic Affairs. At present, Shaktikanta Das is a member of the finance commission who has been given the task to evaluate the government’s financial situation. In November last year, he was appointed as India’s Sherpa to the G20 until the end of 2018.

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