Blockchain trader Raj Chowdry warns, refusing cryptocurrencies as a reserve currency will lead to the worst devaluation of the Indian currency.

India’s crypto ban will have a serious impact on the country’s economy and lead to the “worst” currency devaluation, blockchain trader and HashCash CEO, Mr. Raj Chowdry said.

Chowdry, also the chief executive of US-based crypto exchange PayBito, said India’s rejection of Bitcoin (BTC) and other cryptocurrencies would be equivalent to rejecting copper. USD US. Without regulation and ultimately accepting cryptocurrencies as a reserve currency, Chowdry believes that the Indian economy will suffer in the long term. He shared:

“Maintaining a reserve of cryptocurrencies is just as important as maintaining a reserve of dollars. By banning cryptocurrencies, India will end up with the lowest reserves of the most important currency the world has ever seen. This will ultimately lead to a currency devaluation at worst. ”

The fate of cryptocurrencies in India looked ominous after an anonymous official revealed information regarding the upcoming Bloomberg ban in February. Crypto holders are expected to have a period of three to six months to convert their funds back to fiat.

However, recent noises from the Indian Finance Ministry suggest that the situation is not so clear. Finance Minister Nirmala Sitharaman said reports of the comprehensive ban on cryptocurrencies have been overly exaggerated and discussions are ongoing with regulators inside the Reserve Bank of India. Sitharaman added that any upcoming regulations will not be as strict as previously described.

Mr. Chowdry welcomes crypto regulations and taxation if that means business and related business can thrive in the country. The alternative is to strip the growth opportunities of Indian startups that already have a global foothold.

“What India needs is crypto adoption with taxes and regulations imposed that will generate revenue and benefit a large number of Indian investors and startups. Degrees went global in such a short time, instead of depriving people of their options to invest by adopting a naive approach to cryptocurrencies.

The Reserve Bank of India continues to promote the issuance of its own digital currency. As with all sovereign nations, India’s apparent determination to roll out a blockchain-based digital rupee reveals its problems with cryptocurrencies unrelated to the underlying technology. , it’s just who has control over it.

Mr. Chowdry believes that a measurable approach can be taken to differentiate between blockchain as a technology and cryptocurrency as an asset.

“These are two distinct and varied themes that can be accepted independently of each other. While blockchain is a technology, cryptocurrency is an asset. It won’t be difficult to do both in their respective fields. ”

Despite what many are concerned about is the regulatory timer bomb in India, global crypto exchange Coinbase recently announced that it will be moving some of its IT services to India, as the public company is closer to the upcoming IPO.