- In a recent interview published by magazine BW Businessworld Deepak has shared his views regarding the cryptocurrency industry in India.
- Commenting on the ban, Deepak emphasized that there was no ban on cryptocurrency.
- He claims that crypto should be awarded the same status as stock because it is worthy of it.
The Supreme Court of India uplifted the ban on the cryptocurrency transactions earlier in March. This has opened a whole new world for Indian crypto enthusiasts. The demolition of this law not only facilitated the crypto investors in India, but also the budding entrepreneurs who wanted to explore the field of blockchain and cryptocurrencies. Recently, the founder of Begin India Think Tank, Deepak Kapoor said that cryptocurrency in India should be regulated similar to stocks. In a recent interview published by magazine BW Businessworld Deepak has shared his views regarding the cryptocurrency industry in India.
Deepak Says Bitcoin is the Most Secure Technology
Commenting on the ban, Deepak emphasized that there was no ban on cryptocurrency. He clarified that it was only a banking ban. He claims that crypto should be awarded the same status as stock because it is worthy of it. Cryptocurrency trading is not illegal anymore and is not a crime, hence it must be acknowledged by major authorities who detest the use of cryptocurrencies. According to him, Bitcoin is the most secure cryptography technology that we have come across. He has urged authorities to properly research on cryptocurrency before judging its use cases and the risk associated with it.
Parliamentary Member Says Cryptocurrency is Inevitable
Back in December 2019, Begin India Think Tank hosted a conference to discuss the use of cryptocurrency in the country. Dr. Subramanian Swamy stated that ‘Cryptocurrency is inevitable’ implying that in future the use of cryptocurrency will be huge. Deepak explains that investing in BTC is quite similar to investing in any other stock. Hence it is very whimsical of the Securities and Exchange Board of India (SEBI) to deprive them of the legal status and merely qualify them as a digital form of asset.
Opportunity to Leverage Cryptocurrencies
We have seen many countries leveraging cryptocurrency to aid their economy. In the current scenario of India officially entering the phase of recession, cryptocurrencies may have a huge role to play but only if they are properly regulated and treated as an investment similar to stocks. The Indian government has been discussing a draft bill which could possibly ban cryptocurrencies. However, the Indian crypto investors are pretty sure that the bill would receive approval.