New Delhi: Ex-Deputy Governor of Reserve Bank of India  R Gandhi on Tuesday made a case for treating and regulating crypto as a separate asset class with a view to enabling governments around the world to effectively deal with illegal activities associated with virtual currencies.

He said, after quite a lot of dispute over the years people have fully realized that cryptocurrency cannot be just a currency because the fundamental element of a currency- that it should be a legal tender- is missing in this case. He added that in this case, one cannot compel a cryptocurrency to be accepted by another person as it is not a legal tender.

The general consensus among many policymakers is that it should be deemed as an asset, not as a currency, not as a payment instrument and not as a financial instrument as there is no clear identified issuer, he said. "So once we have an understanding and acceptance, that it is an asset (not a currency), then it becomes relatively little easier to have regulation around it."

The very idea of crypto was that it should be anonymous, independent, and it cannot be taxed or tracked, so as I said every society will have its own rules, which expects compliance by all its members and it penalizes non-compliance, he said.

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