cryptocurrency: Panel’s cryptic stance foxes crypto investors

MUMBAI: Indian cryptocurrency investors face the unsavoury prospect of seeing their crypto wealth erode to zero as the Subhash Garg committee report which has recommended the government to make the possession of cryptocurrency a criminal offence punishable by up to ten years has not given any clarity on how the divestment by the customers should be done.

These investors without a legal window to dispose of their assets are now looking at overseas channels and have the funds transferred to them through a formal bank channel. “Those investors who had been holding these assets for years are now clueless as they will see the value of their coins turn to zero without having an option to sell them off in markets which have pro crypto stance,” said an investor. “These assets were bought with all due diligence from exchanges within the country. Once a ban is implemented, how are they supposed to be disposed of before it becomes a criminal act to possess them?”

It is widely held…