Government must regulate and try to control cryptocurrencies instead of prohibiting them. Addressing the virtual event organised by the industry body Assocham, Garg already said there is undue emphasis on cryptocurrencies, and all of the digital assets would also require standard frameworks.
We do not think we still have clarity and understanding about how to regulate cryptocurrencies continuously. Regulate, control cryptocurrencies but also allow these crypto-assets, encourage this best of crypto services.
The cryptocurrencies are already digital. These types of virtual currencies in which encryption techniques are always used to regulate the generation of the units and the verification of this, operating independently of some banks like central banks. Now people can avail of any of the loans like a gold loan or another online loan mode.
The Reserve Bank of India had already virtually banned cryptocurrency trading in 2018 and had already directed every type of entity regulated by the central bank to cease dealing with virtual currencies. The Supreme Court already asked the Centre in 2019 to frame those types of policies for crypto, and in 2020, it also struck down these types of curbs imposed by the Reserve Bank of India.
Every Indian company must also be keeping digital accounts in the next few years; Garg already said, adding this is also possible to integrate national accounts with the whole of the company accounts.
In that time to come, the whole of the accounting system, auditing and reporting can also be automated.