India’s Parliament member: the adoption of cryptocurrency is unavoidable

By Congecko News 12/16/19 11:15 PM

Dr. Subramanian Swamy, Indian Member of Parliament (MP) shared that the adoption of cryptocurrency by Indians is unavoidable. Especially, he will be presiding at a conference meeting at the UN India’s Headquarters to discuss the adoption of cryptocurrency in the country.

India shouldn’t be left behind in this digital phase

As Sarkaritel news portal reported that Dr. Swamy has supported cryptocurrency adoption. The move comes as a supporting statement following the statement recently made on the digital currency by Shaktikanta Das, the governor of the Reserve Bank of India (RBI). According to that, he emphasized India shouldn’t be left behind in this digital period of the world, “cryptocurrency is inevitable”, and no matter the number of institutions against it, crypto would soon be adopted in the nation.

Last week, RBI’s governor announced that the central bank had checked internally the prospect of issuing an RBI-backed digital rupee. Furthermore, He said cryptocurrency is a space that the Reserve Financial institution will surely “have a look at severely at a suitable time”.

However, the institution hasn’t yet opened its arms to cryptocurrencies such as BTC and ETH. In July last year, the government of India banned the operation of crypto-related businesses in the country and it is still in effect now. But the Supreme Court is expected to resume hearing the arguments against this ban in January next year.

Dr. Subramanian Swamy, Indian Member of Parliament

The closed-door conference about crypto at UN India

On Dec 18, Dr. Swamy will be presiding the closed-door conference at UN India’s headquarters in New Delhi, which arranged by United Nations Technology Innovation Lab – UNTIL India and BEGIN India Think Tank.

The conference will discuss the prospects of Indian’s adoption of Cryptocurrency, and methods, technology, and delivery systems of digital currency that make the countries can’t monitor crypto activities. Additionally, it will also deliberate on the various ways to stop the utilization of fiat currency towards terror financing.

As Dr. Swamy shared that the scheduled conference on cryptocurrency organized by Mr. Deepak – the founder of BEGIN India Think Tank is most timely. Moreover, He stated China is even doing better than the U.S. when beginning a trial run in two cities for digital transactions. He further said the time is right for India which a superpower in software technologies, to start applying crypto; it would be of immense benefit to the development of the nation’s economy. The benefits will be beyond far its disadvantages, he repeated.

In detailed: “I support that India as an established superpower in software should accept to make the transition to cryptocurrency.”

Besides, the convention could be attended by leaders from key Indian investigative and law enforcement agencies, and state and central government IT departments. The group of BEGIN India Think Tank focuses on solving problems surrounding the blockchain and cryptocurrency era. They help investigative and regulation enforcement agencies, and banking institutions to perceive cryptocurrency and blockchain technology. Kapoor asserted:

“We are committed to addressing a range of problems round cryptocurrency, globally, beginning in India.”

Furthermore, he kept saying “From its downside aspects that help to undermine the dominance of central banks in a country’s economy to the overwhelmingly positive aspects of how policy should be built around the most secure technology to now that was essentially formulated to decimate the control of governments and central banks”; and “We have to work to hold the safeguards.”

On the other hand, among problems that could be mentioned in the meeting is the way how to against crypto-related crimes. Dr. Swamy shared that “with this purpose, such conferences are necessary for a democracy that India is, and transfer to digital, orderly and tamper-proof transaction just as previously, the area had moved from barter to precious metals to paper forex for a transaction”.

Moreover, Kapoor also shared that the banking system is not able to track any financial transactions and regulation enforcement agencies also can not deal with high-end cryptocurrency technology. He added investigators have not yet even understood how to confirm or calculate the total value of siphoned off finances leave alone locating and seizing it”.

Although the Indian government and law enforcement agencies have much efforted, the founder of BEGIN India said that no single case of cryptocurrency has been successfully solved, and also not a fraction of the money recovered so far. Alarming is “each passing day will have larger amounts keep getting changed to cryptocurrency and vanishing into the thin-air invisible economy system, then hurting its GDP”, he continued.

In the meanwhile, the Sardar Vallabhbhai Patel National Police Academy has given some courses teaching high ranking police officers about cryptocurrency.