Subhash Chandra Garg has always been a strong supporter of the wider adoption of blockchain technology. The former Finance Minister stated that India should consider from the standpoint of strongly opposing digital assets and promote more adoption of the lowest level blockchain Technology
Garg made this statement in a recent exclusive agent interview. He explained his views on the Indian blockchain technology in detail during the interview. He stressed that so far, the core of government departments has been to block the adoption of digital assets
Gag said that this action is correct. This is mainly because digital assets are sold as an alternative currency without any foreign investors or manipulators, forming an important threat to India's territorial sovereignty
"Blockchain technology has always been called innovation, but they are deeply covered by the property or its (data encryption) loan currency level, so it is difficult to separate technology innovation so far," he said.
However, India cannot continue to focus only on digital assets. He believes that the lowest level blockchain technology is development. Therefore, more work should be done to encourage the adoption of this method.
"My feeling is that this (blockchain Technology) development... Will change the destiny. Unfortunately, India has adopted a more confusing and challenging stance, which will jeopardize its coming and mainstreaming. But it can come in time," added Garg
Although there will be such views, Gaga or boycott the total ban on digital assets. In another interview with Financial Express, he pointed out that it is not easy to impose restrictions on the industry to promote the adoption rate of blockchain technology. In turn, he called for the formulation of appropriate policies and regulations while continuing to chat with digital asset enterprises
India is keen to adopt blockchain technology and limit digital assets through control
Gag's comments were made in the context of the government's integration of its digital assets and blockchain technology. In recent months, the central and Indian reserve financial institutions (RBI) have tended to be regulated in the same way, because it has been trying to introduce controls in this field
The Ministry of Finance introduced a tax reform for digital assets, while the reserve financial institution of India followed the regulatory policy recommendations for digital assets and the introduction of CBDC
Similarly, the government and RBI have been exploring test cases of blockchain technology dedicated to smart government. RBI has cooperated with leading financial enterprises in the industry to experiment the business investment and financing platform based on the blockchain, and the central government has signed a trade agreement with the United Arab Emirates (Dubai) to share blockchain technology expertise.