Former DEA Secy Garg proposes allowing cryptos as commodity with rules

Reiterates the view that they should not be regarded as currency

Subhash Garg, former department of economic affairs (DEA) secretary, and head of the Inter-Ministerial Committee on Virtual Currencies, on Friday said the government should regulate crypto as an asset or commodity and not as a currency.

In a webinar organised by Credit Rating for Exchanges, Blockchains and Coin Offerings (CREBACO), in association with leading law firm Khaitan & Co, Garg said even the draft Bill proposing to ban crypto currencies, like bitcoin and others, doesn’t talk about using crypto as an asset or commodity.

Hence, with the required regulations, the government should permit crypto assets, he said. Garg added that, “While I