Justice B.N. Srikrishna (Retd.) has once again emphasized on the government’s tendency of putting the cart before the horse. He says the government should pass the Personal Data Protection Bill and set the parameters of data protection before it takes the task of legislating on crypto-currencies.
Data privacy should be clearly defined before the government looks at legislating on digital currencies and cryptocurrencies. This way, data privacy will be at the core of digital currency and those transacting can’t do it outside the system.
Speaking virtually at a panel discussion titled “Digital Currency- Is India ready for it”, he said, “the same problem happened in Aadhar. They should have passed the PDP before bringing in Aadhar and they should not make the same [mistake here].”
He further added, “What prevents the Parliament from legislating whether crypto is a currency or security or anything else? They must legislate [and clearly determine] which regulatory body has to govern it…Each regulator in the country thinks in a silo.”