Recently, a government panel headed by senior bureaucrat Subhash Chandra Garg placed in the public domain a draft bill calling for a complete ban on private cryptocurrencies in India. The panel recommended a fine of up to ₹25 crore and a jail term of up to 10 years for anyone found to be owning or handling private cryptocurrencies. As an alternative to private cryptocurrencies, the panel recommended the introduction of a single cryptocurrency for the whole country that is backed by the Reserve Bank of India. Parag Waknis (Associate Professor, Ambedkar University) and Anil Antony (Convenor, Digital Media Cell, Kerala Unit, Indian National Congress) examine the soundness of the panel’s recommendations in a conversation moderated by Prashant Perumal .
