One single dialogue with @Subhashgarg1960 (former Finance and Economic Affairs Secretary of India) reveals and addresses a HUGE gap in understanding amongst industry regulators. Imagine what a detailed discussion with industry players can do.

A thread (1/6)

Mr. Garg notes that since Bitcoin and crypto were initially created as a P2P payments protocol and as currencies for international payments and transfer of money, etc. Within that context, the asset side of cryptocurrencies was seldom spoken about.

But over the years, #Bitcoin role as currencies has diminished and it has become more of an investment into an asset.

Truth: We don't want #Bitcoin to be a legal tender or to replace the INR. We only want it as an asset & store of value. (2/6)

If the larger crypto community can end this confusion in the minds of the regulators and can position crypto purely as an "Asset Class", not as a currency to be part of the payment or transfer system most of the concerns and fears will get allayed.

Truth: He agrees that there is a confusion in the minds of the regulators which needs to be addressed urgently and As Mr. Garg suggested, the Indian Crypto community should position Crypto as an "Asset Class", not as a currency (3/6)

Speaking of the bill to ban crypto, Mr. Garg was open to mention that the bill only targets crypto as currencies and doesn’t deal with crypto as assets. This means there is a huge misunderstanding at the very foundational levels of the draft bill which seeks to ban crypto.

Truth: The bill seeks to ban the currency nature of crypto. It never even considers the asset or commodity nature of crypto. Hence the draft bill needs to be revisited (4/6)

In light of this revelation, my plea to policymakers is simple. This is a 1 Trillion Dollar industry that is growing rapidly across the globe. India has 340 startups and Over 75 lac investors who have cumulatively invested close to 10,000+ Cr will be barred from their investments

Truth: Crypto is a huge global opportunity that India cannot afford to miss. Investors have been seeking clarity for years now. An outright ban will hurt local investors and will also stifle all investments flowing into India. (5/6)

Lots have changed as Mr. Garg mentioned. The whole world is seeing bitcoin as a store of value & hedge against inflation. Globally FIAT currencies are getting devalued, the world understands this. Creators like Elon understand this. Now India also needs to understand this.

Truth: Change is inevitable and the technology has proven itself. India needs to understand the technology better and then take a call. The industry is here to support the regulators and work together to make this happen. #IndiaWantsBitcoin (6/6)