July 24, 2021

Banning Bitcoin is like rejecting the US dollar, entrepreneur warns India

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An Indian cryptocurrency ban would have grave implications for the future of the country’s economy, and would result in currency devaluation “of the worst form,” says blockchain entrepreneur and HashCash CEO Raj Chowdry.

Chowdry, also the managing director of the United States-based PayBito cryptocurrency exchange, said India’s rejection of Bitcoin (BTC) and other cryptocurrencies would be the equivalent of rejecting the U.S. dollar. Without regulating and eventually adopting cryptocurrency as a reserve currency, Chowdry believes India’s economy would suffer in the long term.

“Maintaining Cryptocurrency reserves are as important as maintaining dollar reserves. By banning crypto, India will end up with the lowest reserve of the most important currency the world has ever seen. This would eventually lead to a currency devaluation of the worst form,” he said.

The fate of cryptocurrencies in India looked ominous after an anonymous official leaked information regarding an upcoming ban to Bloomberg in February. Crypto holders were expected to be given a three to six-month window to transfer their funds back into fiat.

However, recent noises coming out of the Indian Title: Banning Bitcoin is like rejecting the US dollar, entrepreneur warns India
Sourced From: cointelegraph.com/news/banning-bitcoin-is-like-rejecting-the-us-dollar-entrepreneur-warns-india
Published Date: Thu, 25 Mar 2021 09:27:50 +0000