Indian Bureaucrat Who Favored Bitcoin Regulation Quits Finance Ministry |

The bureaucrat who favored the creation of a bitcoin regulatory framework in India quitted the Ministry of Finance on Wednesday.

IAS Subhash Chandra Garg, who served as the Economic Affairs Secretary and Finance Secretary of India, accepted transfer order to the Ministry of Power. A day later, Garg applied for voluntary retirement from service with effect from October 31.

Garg’s transfer came days after Business Standard reported that he was in favor of regulating bitcoin in India. The bureaucrat considered the cryptocurrency as an “economical phenomenon,” and believed its regulation would yield great results for the Indian technology and finance sector.

His views, nevertheless, did not sit well with the Reserve Bank of India (RBI). The Indian central bank had earlier imposed a banking ban on regional cryptocurrency firms, including exchanges and blockchain companies. The minutes of the meeting between the Garg-led interministerial panel and RBI showed the latter demanding an outright ban on cryptocurrencies.

Last week, the panel released a draft bill recommending a prohibition on holding and trading of bitcoin, which followed by a message from Garg on his official Twitter handle.

“Committee is very receptive and supportive of distributed ledger technologies and recommends its widespread use in delivering…

Source Link