Thread by @simplykashif

What Mr. Garg said yesterday and its implications:

1. Mr. Garg's body language was very receptive yesterday he had a smile on his face for an hour and he was genuinely interested in the discussion. Yes, that could be because he is not holding the chair anymore.

Part-1...

2. Mr. Garg seemed hostile toward the word "Currencies" as no one other than a sovereign nation has the right and duty to issue and manage "currencies".

This is ok as there is hardly any nation on planet who is willing to allow crypto as "Legal Tender".

Part-2..

Mr. Garg seemed impressed with the setup, background of speakers, and obviously, the number of viewers registered to listen to his views. On quite a number of occasions, he called @NischalShetty by his name and added his views to his examples.

Which is Good!

Part-3...

Mr. Garg was against #cryptoassets to be called as #cryptocurrencies and in his entire discussion, he specifically used the word as #cryptoassets. He also gave several reasons in defense that why crypto as a currency won't be accepted by masses.

Part-4..

The highlight of the entire discussion was when Mr. Garg said that crypto can be regulated as any "commodity" like gold, silver, and the latest he gave the example of "electricity" and "Gas" being dealt on exchanges.

Crypto as a commodity will help?

Part-5..

Yes, 65% of people in India want crypto to regulated as "commodity" they want to use it as a store of value. The govt. will control the entry" & exit of custodial services.

Slowly and gradually crypto will be allowed by the government on the need to do basis.

Why 10 year jail?

As Mr. Garg said that the imprisonment already exists in the law for counterfeiting of currencies, money laundering, unregulated deposits, and terrorist financing. He didn't propose a new imprisonment law.

Easy isn't it?

Part-6..

Should I pay heed to Mr. Garg's views now?

Well, up to you. he is not holding a chair now and his views have not implications on the industry. Even the government won't listen to his views now as he is not in power now.

Then what is in it for me?

Part-7...

The good thing is that we got to know that bureaucracy and the government both are confused about this subject and that's the reason the Bill has not turned into a law even after years of submission by Mr. Garg.

What lies ahead?

Part-8..

All eyes are now on the "Cabinet Note" which has been forwarded to inter-ministerial consultations and feedback. If we assume cabinet note is based on Garg's report then it will be interesting to see that whether the government accepts it as it is or does some modifications.