Crypto enthusiast and entrepreneur Raj Chowdary has recently expressed his opinion about India’s decision to ban the trade of Bitcoin.
Chowdary’s Point of View
Raj Chowdary is also the CEO of Californian software company HashCash, which deals in large-scale asset transfer globally for Remittances, Trade Finance, and others. Raj is also the MD of PayBito, a crypto exchange company located in the United States.
Raj states that the Indian economy is in for some heavy loss for the future. The country failing to accept cryptocurrency will be not only bad for its economy but also very catastrophic for the asset itself. As of now, Bitcoin is showing a downward trend yet in value again. Analysts have confirmed that the banning of Bitcoin in India has surely contributed a lot to this value loss.
Raj also added that the Indian currency would also suffer from this as the government has choked opportunities for Indian people to gain flexibility in payment methods and trading in international and domestic markets all around. He said that banning crypto is as bad as refusing the United States Dollar, which the country heavily relies on. Continuing, Raj said that crypto trading is as important as any other traditional trading. Banning it will result in increased devaluation.
Furthermore, Raj also emphasized that the government should implement taxes and regulations in the trading of Bitcoin, rather than straight-up banning it. This will not only allow traders to gain vital trading opportunities but also keep the country’s economy up. It will also help many Indian startups gain support and also help the economy to earn revenue, increasing the country’s overall value in trade, strengthening its position in both the standard and crypto market space.
News about the ban of Bitcoin had already been out in the world as one anonymous identity had released the information to Bloomberg in early 2021. Many crypto traders in India had already been warned of the ban so that they could convert their crypto into fiat, avoiding any trade hold crippling their valuable assets.
Not ready to give up just yet
Some exchanges, including the crypto giant Coinbase, are still hesitant to accept the ban and are keen on providing services in India despite the ban, but the difficulties will be present crippling the true potential of crypto trade.