Digital Currency Conclave 2022 Live Updates: ‘No need to fear crypto; 99% projects not built to be currencies’ – The Financial Express

Digital Currency Conclave 2022 Day 2 Live Updates: While crypto/digital currencies and blockchain, the tech behind digital currencies, are growing at a rapid pace in India, there are several contested issues on which clarity is required.

Digital Currency Conclave 2022 Day 2 Live: Amid Covid-19 uncertainties, Bitcoin, Ethereum, and other cryptocurrencies have garnered significant attention in India and across the world. Many see digital currencies (including private cryptocurrencies) as the future of finance. However, in the absence of regulations, cryptocurrencies are currently reduced to being a speculative asset class with extreme volatilities.

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On Day 1 of the Digital Currency Conclave organised by on Tuesday (January 11, 2021), experts said the cryptocurrency sector offers a huge growth opportunity to India and positive regulations are required to exploit its full potential Experts said that good regulation and ease of doing business can help India become the biggest leader in the world in crypto, blockchain and Web3. 

Experts also suggested that India can take inspiration from Dubai to nurture crypto and blockchain-based startups and companies in India. Dubai has been widely acknowledged as a global crypto hub with a supportive government, expat-friendly policy, infrastructure etc. A clear and friendly policy for investors and companies can help India accelerate much faster in the crypto sector. 

While sharing that a complete ban on cryptocurrencies in India would not be in order now, Former Finance Secretary Subhash Chandra Garg said that India needs to formulate three separate laws to regulate the cryptocurrency sector comprehensively. 

“I now believe that we should bring three different laws to regulate cryptocurrency in India. First, a digital rupee law, like we had earlier for coins and paper notes. Second, business laws to regulate smart contracts and third, a special law to deal with digital assets.”

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