October 1, 2022

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

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

One member of the Indian parliament, Subramanian Swami, advocates India's transition to cryptocurrency calculations. According to Swami, the adoption of cryptocurrency by Indian citizens is inevitable. He said that cryptocurrency will become more relevant in the Indian markets in the near future. It is reported by TheUsBreakingNews.

Subramanian intends to speak at a conference inUN headquarters in India, during which the question of the introduction of cryptocurrency in India will be raised. So, on December 18, Swami will hold a private 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 India has bannedcryptocurrency banking has become the lack of adequate monitoring capabilities. In turn, Swami is trying to find methods that will fix this. The conference will also discuss various ways to use fiat currency 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.