Indian official: India's transition to cryptocurrency settlements is inevitable

One of the members of the Indian Parliament, Subramanian Swamy, advocates for India to move towards cryptocurrenciescalculations.According to Swamy, the adoption of cryptocurrency by the citizens of India is inevitable. He stated that cryptocurrency will become more relevant in Indian markets in the near future. This was reported by TheUsBreakingNews.

Subramanian intends to speak at the conference inUN headquarters in India, during which the issue of introducing cryptocurrency in India will be raised. Thus, on December 18, Swami will hold a closed meeting with UN representatives on the prospects for the adoption of cryptocurrency by Indian citizens. The conference will also discuss technologies that prevent countries from controlling cryptographic operations.

Following a recent speech by Shaktikant Dasu, chapterReserve Bank of India, Subramanian made a statement according to which India should not remain aloof from digitalization. He said that cryptocurrency is inevitable, and whatever the amount of the adversary will soon be introduced in India.

Shaktikanta Das said last week that the central bank has analyzed the benefits of having digital rupee. He said that the Reserve Bank is interested in creating its own cryptocurrency.

However, the Reserve Bank is stillopposes cryptocurrencies such as Bitcoin. In July last year, the Indian government banned the activities of cryptocurrency companies in the country. In addition, the country has a ban on crypto banking.

One of the reasons why India bannedbanking services for cryptocurrency have become a lack of adequate monitoring capabilities. In turn, Swami is trying to find methods that will correct this. The conference will also discuss various ways in which fiat currency can be used to finance terrorism.

The conference is organized by the analytical center.BEGIN India, whose main goal is to resolve issues related to cryptocurrency and blockchain technologies. The organization helps banking institutions, law enforcement agencies and investigative authorities in understanding the technology of blockchain and cryptocurrency.