Indian Legislator Says Cryptocurrency Is Inevitable, Despite Ban on Bitcoin

Subramanian Swamy, an economist and member of the Indian parliament, says cryptocurrency is unstoppable.

According to a report by media outlet Sarkaritel, Swamy says China is ahead of the US in piloting digital currencies and India now needs to catch up.

“Cryptocurrency is inevitable. I advocate that India as an established super power in software should accept to the transition to cryptocurrency.”

His comments on digital assets follow reports that the Reserve Bank of India is exploring the use of central bank digital currencies.

Swamy is participating in the launch of an international initiative for “cryptocurrency issues” from India by chairing a conference by BEGIN India Think Tank at the United Nations, supported by the UN Technology Innovation Labs.

Adds Swamy,

“Such conferences are necessary in a democracy that India is, and move to digital, orderly and tamper proof transaction just as in the past, the world had moved from barter to precious metals to paper currency for transaction.”

Says Deepak Kapoor, founder of BEGIN India Think Tank,

“We are committed to addressing a range of issues around cryptocurrency, globally, starting in India.

From its damaging negative aspects that contribute to undermining dominance of central banks in a nation’s economy to the overwhelmingly positive aspects of how policy should be formulated around the most secure technology till date which was essentially built to decimate the control of government and central banks. We must work to retain the safeguards.”

The Reserve Bank of India banned people and businesses from engaging in Bitcoin trading and crypto-related activities in April of 2018, although companies are still able to explore blockchain solutions for making international payments faster, cheaper, more efficient and secure.

Featured image: Shutterstock/Trial

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