“Blockchain should be developed separately from cryptocurrencies” – Crypto News

Blockchain

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

In a recent interview, Subhash Chandra Garg shared his thoughts on the Indian authorities’ approach to blockchain and cryptocurrencies. He stressed that the government’s attention is still focused on curbing their spread in the country.

According to Garg, this is quite justified. He explained that digital assets can pose a serious threat to the state 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 on the disadvantages and risks of digital assets, since the blockchain, on the basis of which crypto assets function, can really improve many areas of activity. Therefore, it is necessary to direct efforts to the adoption of this technology, the former Minister of Finance proposed.

“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 taken a confusing and complex stance, which slows down innovation. But sooner or later it will come,” Garg said.

Garg does not support an outright ban on digital assets, 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 exploring options for using this latest technology, particularly to launch the digital rupee. Despite the regulator’s fears that the state stablecoin could undermine the role of commercial banks, its launch is scheduled for next year.