Indian billionaire says the country’s regulators need to ‘step in and ban bitcoin’

Indian billionaire investor Rakesh Jhunjhunwala mentioned the nation’s regulators ought to ban cryptocurrencies equivalent to bitcoin.

The investor, typically known as India’s Warren Buffett, mentioned he “will never buy bitcoin.”

“I think it’s speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse,” he informed CNBC’s “Street Signs Asia” on Tuesday.

Bitcoin has had a spectacular run in 2021, and surged greater than 90% to date this yr, in line with information from Coin Metrics.

These robust features have been attributed partly to elevated adoption of bitcoin by main traders and corporations, together with Elon Musk’s Tesla and the Financial institution of New York Mellon.

India’s regulators have but to decide on bitcoin and different cryptocurrencies, however there’s widespread hypothesis that the federal government is planning to ban all non-public digital currencies and launch its personal official digital foreign money.

I believe regulators ought to step in and ban bitcoin. And they need to concentrate on the digital rupee.

Rakesh Jhunjhunwala

Companion, Uncommon Enterprises

Jhunjhunwala mentioned India’s regulators have a task to play in maintaining bitcoin out.

“I think regulators should step in and ban bitcoin,” mentioned the investor who’s at present a associate at asset administration agency Uncommon Enterprises. “And they should focus on the digital rupee.”

Bullish on India

On the outlook for the nation, he was optimistic and mentioned he believes India will make a powerful restoration primarily based on the reforms and coverage initiatives taken by the federal government within the current finances.

“In think we now have a resurgent India. The Indian budget conveyed that the government is going to do what needs to be done in terms of policies and reforms. All these things are going to come together,” he added.

In the course of the current finances launch, Finance Minister Nirmala Sitharaman introduced plans to step up capital funding and implement monetary sector reforms to assist India’s battered economic system following the pandemic-induced slowdown.

She additionally mentioned India might want to borrow 800 billion rupees ($10.96 billion) in subsequent two months from the bond market.

The billionaire predicted India will see robust progress within the subsequent yr because the nation rebounds frozm the pandemic.

“I think India is at the last phase of Covid-19,” he mentioned, including that the nation is prone to develop between 10% to 11% subsequent yr.

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