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Former RBI Governor Advocates for India to Endorse Crypto

Former RBI Governor Advocate for India to Endorse Crypto
  • Former Governor of RBI urges the Indian government to accept crypto.
  • Rama Gandhi pushes for the adoption and regulation of crypto.
  • Central Bank digital currency may be launched this year.

India is undoubtedly one of the biggest markets for crypto. The impending issue on the clarity of the government’s stance on crypto has made it a daily debatable topic for Indian locals and officials. It is, therefore, not surprising that many opinions, discourse, also, questions will be formed during this period.

Former Governor of Reserve Bank of India, Rama Subramaniam Gandhi says that cryptocurrency should be considered as an asset or commodity and taxed accordingly. Speaking at the inaugural HODL ‘21 virtual conference organized by the Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI) on September 7, 2021, Rama said that the government should have an open mind towards transactions involving crypto.

His statement comes at a time when El Salvador has taken the bold move to endorse crypto.

El Salvador Becomes First Country to Adopt Bitcoin as their Official Currency

El Salvador has moved to make history with their formal launch of Bitcoin as their Legal Tender.

The President, Nayib Bukele stated in a video message to the Bitcoin 2021 conference in Miami, United States, that his country would approve Bitcoin — a move he took on September 7, 2021.

In El Salvador, we are trying to start the design of a country for the future. I believe Bitcoin could be one of these ideas

This measure has made the public argue the inherent danger of a tiny and impoverished country taking such a huge risk. A message retweeted by President Nayib sees a former Australian rules footballer, Peter McCormack stating that the world wants to see Nayib fail. Peter went on to say that the country’s Bitcoin acquisition will raise the entire population of El Salvador if it succeeds.

Approach for India’s Crypto Legalization

Gandhi who served at the Central Bank from 2014 to 2017, feels the world is in an internet era, as such, India should follow a trend that will be both beneficial to the nation and her people. He opined that regulators and exchanges should have access to data about how many cryptocurrencies individuals hold for tax purposes.

Though, he advises that a regulation should be put in place to avoid digital currency being used for criminal activities.

The present governor Shaktikanta Das in a statement last month revealed that RBI has been working on a phased implementation strategy for a central bank digital currency (CBDC) and the trial may be launched by the end of the year.

RBI Governor Shaktikanta Das told CNBC in an interview:

The Reserve Bank of India may launch its first digital currency trial programs by December

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Juliet is an ardent reader and a devoted writer who talks behind her keypads. She relishes her thoughts through writing articles, creative writings, and press releases.