Victor Ugochukwu · Dec 14, 2020 . 5min read
India’s Think Tank Founder Deepak Kapoor on Bitcoin Regulations in India
Indian Think Tank Founder, Deepak Kapoor is of view that India should legalize Bitcoin like stocks and must elaborate on crime categories.
By Komal Joshi · Sep 8, 2020 . 7min read
India’s Think Tank founder Deepak Kapoor shares his view on regulations relating to bitcoin and other cryptocurrencies in India in an interview published by local business magazine on Sunday. Think Tank is an institute for interdisciplinary research to render advice on a diverse range of policy issues and products through specialized knowledge and network activation.
Think Tank assists the Indian government and investigative agencies in combating crimes, including those related to cryptocurrencies. Deepak Kapoor says that there was no ban on cryptocurrency. Consequently, the only crypto ban was imposed by the central bank, the Reserve Bank of India (RBI). However, the supreme court uplifted the ban in March.
Discussing the private currencies, he elaborates that everyone aspires to make bitcoin a private currency. Nevertheless, this is not possible as it will collapse the economies. He further elucidated that making it legal might put the nation’s entire economy at stake. He further states that regulations relating to bitcoin should be like stocks in India.
“I think Bitcoin should be traded like a stock. That is the only legal status that it can get, and it should get this status. This could possibly be the most secure technology cryptographically that we have ever seen in our lifetimes,”says Deepak Kapoor
Cryptocurrencies Do Not Fall Under Crime Category in India
According to the interview, he states that authorities should consider that cryptocurrency is not a registered crime category in India. He further elaborates that India needs to have a regulatory body for cryptocurrencies. Moreover, funding in Bitcoin is similar to funding in other currencies. He says that why SEBI (The Securities and Exchange Board of India) considers it as a digital form of assets and not cryptocurrencies.
India recently does not have any direct crypto regulations. However, the government is reportedly discussing a draft bill to ban cryptocurrencies. However, India’s crypto community strongly believes that the government will not ban cryptocurrency, and this bill will not exist.
India is expanding in the cryptocurrencies and blockchain space. Recently, Cashaa, a London-based crypto-friendly banking platform, has raised $5 million from the Dubai-based blockchain investment and advisory firm, O1ex. It intends to utilize the investment for its development plans in India, the US, Africa, and Caribbean countries by launching Neo banks.
Additionally, India is also stepping in the DeFi sector with various projects. Earlier, Binance declared the launch of “Build for Bharat,” a new hackathon and accelerator program. It aims to strengthen the DeFi and blockchain ecosystem in India. Build for Bharat hackathon is a dual-fold program. It intends to bridge the gap between mass adoption and blockchain.
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