The Indian government seems to be steering away from the path that several countries have been opting for. The surge in the value of the crypto market has paved the way for an array of countries to dive into the industry. While it all started with the acceptance of cryptocurrencies, currently several governments have been working towards incorporating crypto into the system.
Amidst this, a highly populated country like India revealed that it would be banning crypto very soon. Voicing his support for this move, prominent billionaire, Rakesh Jhunjhunwala aka India’s Warren Buffet appeared in an interview with CNBC.
Indian’s Could Be Banned From Using Crypto
Bitcoin was on the brink of hitting $60K, the latest crash posed as a major setback for the king coin. Yet, BTC emerged as one of the most valuable assets in the globe. Currently priced at $51K, BTC sits on the top as the world’s largest cryptocurrency.
While India’s Bitcoin ban was looked down upon by many, Jhunjhunwala was seen urging the government to speed up the process and rather focus on rolling out the digital rupee. CBDC’s have interested several governments across the globe. As nations like China and the Bahamas have already rolled out their central bank currencies, Jhunjhunwala seemed to be yearning for the launch of the digital rupee.
In the interview, the billionaire also suggested that he would steer clear of buying BTC. He added,
“I think it’s speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse.”
Earlier this month, news pertaining to the possible ban of crypto surfaced. This was when BTC was at its peak. The news undoubtedly shocked the Indians as they were given a time frame of three to six months to liquidate their funds in crypto. The former CTO of Coinbase, Balaji Srinivasan also commented on the potential ban and compared the Indian government’s move to an internet ban.