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There’s no stopping cryptocurrency, say’s Indian lawmaker
Cryptocurrency is a divisive topic in India with the Reserve Bank of India (RBI) known for its anti-Bitcoin stance. On the other end of the spectrum, however, are prominent personalities who believe that the country cannot afford to be left behind in the crypto revolution.
“Cryptocurrency is inevitable,” Dr. Subramanian Swamy, a member of the Indian Parliament and an advocate of cryptocurrency adoption, remarked, according to Bitcoin.com. The lawmaker will chair a closed-door conference that will tackler cryptocurrency issues in the country to be held at the UN India Headquarters and supported by United Nations Technology Innovation Labs, India while organized by BEGIN India Think Tank.
Dr. Swamy warned that if India hesitates for too long, the country might be left behind by other countries such China and the U.S. He also argued that as a software superpower, the country should be a force in the field of digital currencies as well.
“The scheduled conference on Cryptocurrency organised by Mr. Ddeepak is most timely,” Dr. Swamy explained, according to Sarkaritel.com. “China is today even ahead of US in its decision began a trial run in two cities for digital transactions in value without the State instruments such as currency. I advocate that India as an established superpower in software should accept to make the transition to cryptocurrency.”
The lawmaker reportedly made his stance known after RBI Governor Shaktikanta Das issued statements about the bank’s stance to privately issued cryptocurrencies such as Bitcoin. “The world over, central banks and the governments are against private digital currency because currency issuance is a sovereign function and it has to be done by the sovereign,” Das said as reported by Bitcoin.com.
RBI issued a crypto banking ban prohibiting financial institutions from servicing those from engaged in crypto business. The ban took effect in July 2018 but the court hearing questioning the ban will resume by January next year.
The conference will deliberate on issues surrounding blockchain and cryptocurrencies. They will focus on how law enforcement agencies might monitor digital currencies and ensure they won’t be used in illegal activities such as terrorism.
Deepak Kapoor, the founder of BEGIN India Think Tank, said there’s still much to learn since the technology is new. “The banking system is unable to track any financial transactions and law enforcement agencies are helplessly unable to deal with high-end cryptocurrency technology,” Kapoor said.
“Investigators have not yet even understood how to ascertain/ calculate the total value of siphoned off funds, leave alone locating and seizing it,” Kapoor added. At the moment, there are already cryptocurrency courses offered by the Sardar Vallabhbhai Patel National Police Academy to educate high ranking police officers on the new technology.