Reacting to the recent announcement by Reserve Bank of India launching its own cryptocurrency, Dr Subramanian Swamy unequivocally said “Cryptocurrency is Inevitable”. Supporting the launch of a global initiative in Cryptocurrency issues from India, he will be Chairing a closed-door Conferenceorganized at the UN India Headquarters by BEGIN India Think Tank and supported by United Nations Technology Innovation Labs, India.
Dr. Swamy added “The scheduled conference on Cryptocurrency organised by Mr. Ddeepak is most timely. China is today even ahead of US in its decision began a trial run in two cities for digital transactions in value without the State instruments such as currency. I advocate that India as an established super power 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 transaction just as in the past, the world had moved from barter to precious metals to paper currency for transaction. ~ Dr Subramanian Swamy.”
The pace of events in technology driven transactions is overwhelmingly fast. Proliferation has taken place at an exponential pace and is free of any physical boundaries or legal/ compliance controls thus denying any respite to Governments & Central Banks globally.
As Bitcoin transactions were restricted by Reserve Bank of India in its nascent stage, our Central Bank & Policy Makers have been at a disadvantage in knowledge or experience of this phenomenon. Governments such as Japan, Estonia, Malta, Germany etc have taken a more accepting approach and have garnered a firsthand feel of how to better deal with Cryptocurrency Policy. China however took a surprisingly tangential approach by allowing mining of Cryptocurrency but banning any transactions in other than its soon-to-be-launched Cryptocurrency. With the aim of artificially strengthening the Yuan & making it the global benchmark currency of the world which is a threatening possibility for every other economy. Large MNCs have also given in early to Bitcoin and organisations such as Virgin & Microsoft have now started accepting Bitcoin as a mode of legitimate payments.
The biggest fear of Central Banks is that Cryptocurrency, namely Bitcoin, may replace the US Dollar as the most powerful global benchmark currency. If that happens it shall spell disaster across economies globally as Central Banks might lose all leverage on exchange pricing & how much paper currency to print. It could destroy economies almost overnight and cause economic chaos. Imagine a situation where people conduct businesses without the need for transacting via banks or paying taxes, or even letting their Government know anything about their transactions. In a crude way, we go back to a one-on-one barter economy, only with the highest end encrypted technology which assures secure & secret transactions. Only deliberate & immediately action would prevent it & any delay shall be disastrous.
Different people may argue differently and the peculiarity is that both sides of the argument are right. Bitcoin was incepted as a revolution against the dominance & control of Central Banks & Governments. Thus it is a Public Currency with no Centralized Control or Owner – it transfers the power of currency into the hands of individuals. Its vast acceptance and technological superiority means that you cannot ignore it. If adopted then you undermine your own Government & Central Banks. But one thing is clear – Cryptocurrency is here & it will stay. The best defense would be to allow it legitimately (via KYC) thus tracking Cryptocurrency movement & letting it co-exist with the fiat currency, the Indian Rupee.
Spearheading this initiative, Ddeepak Kapoor, Founder, BEGIN India Think Tank said “We are committed to addressing a range of issues around Cryptocurrency, globally, starting in India. From its damaging negative aspects that contribute to undermining dominance of Central Banks in a Nation’s economy to the overwhelmingly positive aspects of how Policy should be formulated around the most secure technology till date which was essentially built to decimate the control of Government and Central Banks. We must work to retain the safeguards.”
By bringing together top leadership from key Indian Investigative Agencies, Law Enforcement & State/ Central Government IT Departments, the closed-door Conference in December 2019 is a strong start. Led by a team of highly experienced team at BEGIN India, their key members have founded/ run Technology Associations, helped Policy Initiatives, possess in-depth knowledge of technology & are closely networked with key players globally. Supported by UNTIL India, it is keenly followed by the UN Network globally. Post the expected success of this event, the Conference will travel to key destinations globally with the continued support of United Nations & support system of Technology/ Law Enforcement & Specialized Cyber Security Experts in Blockchain-Cryptocurrency Technology.
* Founding member – BPO Association of India (BPIAI)
* Veteran Policy Influencer in New Age Technologies
Media Contact Point: Mohammad Shahabuddin Principal Advisor, BEGIN India Think Tank
Mobile: +91 9811012053 | Email: [email protected]
* ICT Country Competitiveness Subject Matter Expert for ‘World Bank’
* Former ICT Advisor to Prime Minister, Government of Egypt
* Former AVP, NASSCOM
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