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Indian politician and Member of Parliament (MP), Nishikant Dubey has compared bitcoin with 'Tulip Mania' and has called for a ban on cryptos. He asserted that they are based on darknet technology and would be used for drugs, prostitution, and terrorism.
Indian Politician Equates Bitcoin with Tulip Mania, Calls for Crypto Ban
Appearing in the lower house of India's bicameral Parliament, BJP MP, Nishikant Dubey compared the current crypto scenario in India with that of the 'Tulip mania' in Holland in the 1600s.
The Dutch tulip bubble, also known as 'tulip mania' was one of the most famous market bubbles and crashes of all time. At the height of the market, the rarest tulip bulbs traded for as much as six times the average person's annual salary. Today, the tulipmania serves as a parable for the pitfalls excessive greed and speculation can lead to.
Citing another member of the Indian Lok Sabha Shivkumar Udasi who has been advocating for crypto to be banned for more than 7 years, Dubey mentioned how India’s central bank has always advocated for a complete ban.
"From 2013-14, our member Shivkumar Udasi has been contending that this should be stopped, it is based on dark net technology and this would only be used for drugs, prostitution, terrorism, arms. The whole world is troubled by it. The RBI has been saying continuously that this should be completely banned."
No plans to Boost Cryptos in India?
India’s Minister of Finance, Nirmala Sitharaman has just recently claimed that the government of India is presently working on the new crypto bill that would be placed before the Parliament after getting approved by the Union Cabinet. Earlier on November 29, Sitharaman said that the government has no proposal to recognize Bitcoin as a currency in India while sharing that data on Bitcoin transactions is not collected by the government.
Ahead of the much-awaited introduction of the Cryptocurrency regulation bill in India, the Central Government on Monday said in Parliament that it has no plans for boosting the cryptocurrency sector in India.