Indian MP Dr Subramanian Swamy from the ruling party BJP has advocated for the adoption of crypto saying "Cryptocurrency is Inevitable.” Dr Swamy's <a href="https://www.sarkaritel.com/dr-subramanian-swamy-supports-cryptocurrency-adoption-says-its-inevitable/">comments</a> came in response to the announcement made by the Reserve Bank of India to launch a national digital currency. He also cited the example of China, who is in its final stage to launch a national digital currency. China has already started the pilot program for testing the digital currency, and Dr Swamy believes India has all the potential to make a similar transition. He said,
<blockquote>"I advocate that India as an established superpower in software should accept to make the transition to cryptocurrency. For this purpose, such conferences are necessary in a democracy that India is and move to digital, orderly and tamper-proof transactions just as in the past, the world had moved from barter to precious metals to paper currency for transaction. "</blockquote>
<h2><strong>A Brief look at Indian Crypto Dilemma</strong></h2>
India was among the budding crypto grounds for many entrepreneurs after Bitcoin peaked near $20k in December 2017. Like many other countries, even India entrepreneurs started to explore the crypto space. However, in April of 2018 RBI released a circular stating a banking ban on the crypto service providers. The ban said that since there are no laws in place to deal with crimes involving crypto, no banks in the country would avail its services to the crypto service providers.

The banking ban crippled the Indian crypto scene as most of the startups and crypto exchanges had to shift their bases outside India or close their operations completely. The Internet and Mobile Association of India (IAMAI) challenged the banking ban by RBI in Supreme Court, which is still going on. The IAMAI argued that RBI had no jurisdiction to stop banks from offering services to startups dealing in crypto. The Supreme court then asked the finance ministry to finalise rules and regulations around the use of cryptocurrencies.

The draft bill put forward by the finance ministry recommended a blanket ban on the use of cryptocurrencies, suggesting it might aid criminals with its privacy features. The final draft bill turned out to be quite disappointing for the Indian entrepreneurs. However, they have continued their efforts in bringing awareness around cryptocurrencies and still hope that the final law won't be as harsh as the recommendations in the draft bill.
<h2><strong>India can become a world leader in the decentralised space</strong></h2>
India is famous for being the IT outsourcing destination of the world and even despite such crackdown on crypto use in recent times,  India is still among the top blockchain project developing countries. A recent <a href="https://eng.ambcrypto.com/india-set-to-lose-12-9-billion-worth-of-market-if-they-proceed-to-ban-crypto/">report</a> suggested that India might lose up to $12.9 billion in direct market revenue if they proceed with a blanket ban. While another study indicated that regulating crypto positively can create 20,000 direct jobs.

Many countries were sceptical of cryptocurrencies earlier but came around to realise its impossible to ban something decentralised and not controlled by an organisation. Even China, with its authoritarian government, banned the crypto use earlier is gearing up to launch a national digital currency. Thus, India can take a cue from them or any other G-20 country that is looking to formulate favourable crypto laws. Dr Subramanian Swamy can be a perfect advocate for favourable crypto regulations given his experience in the field of law and economy.

Indian MP Dr. Subramanian Swamy advocates for crypto adoption

Dr. Subramanian Swamy has come out in support for crypto and believe India has the potential to make a mark in the crypto space

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Indian MP Dr. Subramanian Swamy advocates for crypto adoption

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