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Cryptocurrencies can become an indirect legal tender, according to former PMEAC member


www.cryptopolitan.com 25 November 2021 20:07, UTC
Reading time: ~2 m

• Former PMEAC agent thinks that cryptos could indirectly function as legal currency.
• Cryptocurrencies regulators in India have yet to decide on crypto.

As Cryptocurrencies are taken as a priority globally, some finance specialists believe that the future they show looks promising. A former partner of the prime minister’s economic advisory council in India, PMEAC, suggests that cryptos could potentially become indirect legal tender. However, for this to be possible, regulators should see it as an “asset,” leaving blockages aside.

CNBC addressed the interview with Anantha Nageswaran, who served on India’s prime minister’s council for many years. According to Nageswara, cryptos in the country could be used legally if their circulation as an asset is approved.

India could benefit from cryptocurrencies

India is one of the main countries in South Asia that has most questioned the use of cryptocurrencies. Sometimes, it intends to adopt the tokens, while on other days, it changes its position. Recently Indian regulators such as TV Somanathan opined that cryptos would never be used legally in the country, leading to discontent among citizens. However, a former PMEAC partner believes the opposite, suggesting that crypto adoption is the right path for the country.

According to Nageswaran, the former PMEAC partner, she believes that cryptocurrencies could be converted to an indirect legal tender, although long recognized as an asset. In this way, enthusiasts could exchange the token for Indian Rupees or vice versa to achieve certain national and international operations.

But a former Indian statistician believes that when crypto trading is banned, it is only shifting its operations to nearby countries. The agent believes that the crypto-operations will not end despite the country spending its time blocking them.

Regulations won’t stop the crypto market

The CEO of the crypto platform CoinDCX said that the cryptocurrency market would not stop despite its locks. Sumit Gupta, who runs the exchange, believes that if people have access to the internet, they will use cryptos. Behind these thoughts, the broker believes that the efforts of regulators are absurd because they can never stop cryptos.

Gupta believes that much of the exchanges in India adhere to KYC policies so enthusiastic individuals and companies can use the tokens. People cannot believe that India does not approve of crypto, but they create a centralized currency.

Despite all efforts, India remains unfinished on its decisions to make in the cryptocurrencies market. 2021 may pass, and regulators in the country cannot approve or disapprove of the cryptos massive adoption. Simultaneously, BTC and ETH adoptions are growing every day in India, becoming the main cryptos for enthusiasts.


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