Banning Bitcoin is like rejecting the US dollar, entrepreneur warns India
Rejecting crypto as a reserve currency will lead to an Indian currency devaluation of the worst kind, warns blockchain entrepreneur Raj Chowdry. An Indian cryptocurrency ban would have grave implications for the future of the country’s economy, and would result in currency devaluation “of the worst form,” says blockchain entrepreneur and HashCash CEO Raj Chowdry.Chowdry, also the managing director of the United States-based PayBito cryptocurrency exchange, said India’s rejection of Bitcoin (BTC) and other cryptocurrencies would be the equivalent of rejecting the U.S. dollar. Without....
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New details have emerged suggesting that the Indian government will go ahead with banning cryptocurrency, in contrast to what the crypto community believes. In her latest interview regarding cryptocurrency legislation, India’s finance minister said that there will be a window for experimentation for cryptocurrency, blockchain, and fintech. Reports of India Banning Cryptocurrency The Indian crypto community is closely watching whether the government will ban cryptocurrencies, including bitcoin. A cabinet note regarding cryptocurrency legislation is being finalized and will soon be....
Former Coinbase chief technology officer Balaji Srinivasan has warned that India's impending ban on Bitcoin and other cryptocurrencies would be like banning the "financial internet." Former Coinbase chief technology officer Balaji Srinivasan thinks India’s impending cryptocurrency ban would be akin to banning the internet and could cost the country trillions of dollars in potential profits.Speaking in an interview with The CapTable, Srinivasan said a blanket ban on Bitcoin (BTC) and other cryptocurrencies would simply redirect trade revenue to nearby Asian markets, amounting to a....
This week, it was revealed that India would seek to impose some of the most stringent rules globally on cryptocurrencies, banning citizens from owning, trading, transferring, or mining assets like Bitcoin and altcoins. The move comes as cryptocurrency technology captures the interest of the financial world, Bitcoin grows considerably, and India plans to introduce its own digital currency framework. But could this be the start of a domino-like effect where other weaker governments and economies […]
HighKart.com has become the first e-commerce site in India to exclusively accept bitcoin as a payment method. Launched by Delhi-based entrepreneur Amit Kumar, the online store retails more than 150 products, ranging from digital currency mining equipment to fashion accessories. Currently, there are more than 500 e-commerce startups in India - most having popped up within the last five years. Companies like Flipkart are dominating the local market, making it difficult for new players to enter. HighKart is taking an unusual, and brave, route into this mêlée by eliminating the large potential....
A deputy governor of India’s central bank, the Reserve Bank of India (RBI), likens cryptocurrencies to Ponzi schemes, emphasizing that they cannot be regulated. “It would be futile to regulate cryptocurrencies,” he claims, stating that they should be banned. RBI’s Deputy Governor Sees Crypto Ban as ‘the Most Advisable Choice Open to India’ A deputy governor of the Reserve Bank of India (RBI), T. Rabi Sankar, shared his view on cryptocurrency and what Indian crypto policy should be during his keynote address at the Indian Banks Association 17th....