From a 2018 low point, of just over $100 billion total market capitalization over the weekend, cryptocurrencies have rebounded nearly 14% to Tuesday's highs. Image: iStock
Image: iStock

Indian MP Dr Subramanian Swamy has reportedly spoken about cryptocurrency following the statements made last week on digital currency by the governor of the Reserve Bank of India (RBI), reported. The Bharatiya Janata Party (BJP) MP was nominated to Rajya Sabha, the upper house of India’s parliament, by the President of India. According to the Sarkaritel news portal, Swamy supports cryptocurrency adoption. He was quoted on Wednesday as saying: “Cryptocurrency is inevitable.”

Last week, RBI Governor Shaktikanta Das revealed that the central bank had examined internally the prospect of issuing an RBI-backed digital rupee. “I think it is an area where the Reserve Bank will certainly look at seriously at an appropriate time,” he confirmed. The RBI, however, has not warmed up to cryptocurrencies such as bitcoin. Its banking restriction, imposed on the Indian cryptocurrency industry in July last year, is still in effect. The supreme court is expected to resume hearing the arguments against this ban in January.

Crypto Conference at UN India

Swamy will chair a closed-door conference at the UN’s India’s headquarters in New Delhi on December 18. The event is co-organized by United Nations Technology Innovation Lab – UNTIL India and BEGIN India Think Tank. The aim of the conference is to deliberate on methods, technology and delivery mechanisms of digital currency that make nations, particularly law enforcement, “vulnerable in monitoring/controlling/stopping the invisible vaporization of fiat currency towards terror financing,” the UN’s website described.

“The scheduled conference on cryptocurrency organized by Deepak is most timely,” Swamy was quoted by the news outlet as saying. “China is today even ahead of US in its decision to begin a trial run in two cities for digital transactions.” Deepak Kapoor is the founder of BEGIN India Think Tank.

The MP elaborated: “I advocate that India as an established super power in software should accept to make the transition to cryptocurrency.”

The conference will be attended by leaders from key Indian investigative agencies, as well as state and central government IT departments. BEGIN India Think Tank focuses on addressing issues surrounding blockchain technology and cryptocurrency. The organization helps investigative agencies, law enforcement agencies, and banking institutions understand cryptocurrency and blockchain technology.

Kapoor affirmed: “We are committed to addressing a range of issues around cryptocurrency, globally, starting in India.

“From its damaging negative aspects that contribute to undermining [the] dominance of central banks in a nation’s economy to the overwhelmingly positive aspects of how policy should be formulated around the most secure technology till date which was essentially built to decimate the control of governments and central banks,” he continued. “We must work to retain the safeguards.”

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