Crypto raises serious concerns for govt: Subhash Chandra Garg

New Delhi, Nov 16 More than addressing the issue of legitimising cryptocurrencies in India in the upcoming bill, the government is now facing deeper challenges like crypto being potentially misused for hawala and money laundering, investments worth billions of dollars escaping to abroad and capital gains tax being avoided by the trade exchanges as well as investors, Subhash Chandra Garg, former Finance Secretary of India, said on Tuesday.

While Finance Minister Nirmala Sitharaman had emphasised that not all windows on cryptocurrencies will be shut down, Garg, a pioneer in formulating policies around crypto, sees a lot of new and serious concerns coming through those windows, as the policymakers struggle to find answers as to how to deal with the highly-volatile crypto situation.

"Crypto was not created in India. Our people are now buying those digital coins via various exchanges and apps