- Economist Dr. Subramanian Swamy says that India is lagging in the crypto space.
- Swamy is chairing a conference by BEGIN India Think Tank at the United Nations.
Economist and Indian Parliament member Dr. Subramanian Swamy has recently given his opinion on cryptocurrency, calling it “inevitable.” As per a report by media outlet Sarkaritel, Swamy says that India is lagging behind in the crypto space and that China is already piloting digital currencies and is ahead of the US. He said:
Cryptocurrency is inevitable. I advocate that India as an established super power in software should accept to the transition to cryptocurrency.
His stance on digital assets follows reports that the Reserve Bank of India is possibly exploring the use of central bank digital currencies. Swamy is chairing a conference by BEGIN India Think Tank at the United Nations, which is supported by UN Technology Innovation Labs. It is an international initiative for “Cryptocurrency Issues.” Swamy further added:
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.
Deepak Kapoor, the founder of BEGIN India Think Tank, also spoke on the development saying:
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.
Back in April, the Reserve Bank of India barred people from engaging in Bitcoin trading and crypto-related activities. However, companies are still allowed to explore blockchain solutions for making international payments faster, cheaper, more efficient and secure.
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