The circus that crypto traders and the Indian government are running regarding banning crypto trading across the country has not yet seen a headway. Some weeks ago, the finance minister gave calming news when he mentioned that they were working towards regulation and not an outright ban.
After that, another news emerged that the country was in line to ban digital assets trading as they continued to work on their digital currency. In light of that, a tech billionaire in the country has made a case for crypto traders across the country, championing the move for just regulation. According to billionaire Nilekani, the new asset class is good for people across the country.
The billionaire wants the government to allow people to hold crypto
Taking to the recording platform, Clubhouse, the billionaire, said that the government should allow people to trade crypto while mentioning that it is a new asset in the financial space. In the report submitted by Moneycontrol, the billionaire was a special guest in an intervention that had Balaji Srinivasan, a renowned crypto evangelist across the country, and Karthik Reddy, another crypto enthusiast and venture capitalist.
Going further, Nilekani said that instead of touting a ban for digital assets, they should endure that both small and medium-scale traders get access to Bitcoin loans. He mentioned that even though he was aware that crypto would not be effective for real-time payments like other payments networks across the country, he said it does not rule out that it is the next best thing.
Presently, Nilekani is the most prominent advocate for digital assets across the country up till this moment. He is also the brain behind most of the technological advancement across the country, making his mark in the digital aspect of the Indian economy.
India still divided over digital assets and regulation
India has enjoyed a not-so-good relationship with crypto since its inception, with citizens not entirely knowing what their leaders think of the assets. While most of the companies are working on blockchain, there is no regulation as of now for them.
The RBI also mentioned earlier last week that citizens would not be allowed to trade crypto and anyone caught trading might face the penalty, giving a hint of jail terms. This came after the finance minister’s comment, as stated above. Despite the RBI and the Minister of finance still divided over their crypto views, the citizens of the country have embraced crypto and blockchain technology.
Previously, the Minister also stated that he was not sure if the court needed to develop a digital currency of their own. Despite that, he welcomed the idea and said that it would be a faster mode of international settlement for the country’s users.