Bitcoin Forum

Indian Parliament member Dr. Subramanian Swamy has shared his view on cryptocurrency. Advocating for India to make the transition to crypto, he reportedly said, “cryptocurrency is inevitable.” The lawmaker will chair a conference at the UN India’s headquarters next week where issues surrounding cryptocurrency in the country will be discussed.

Read more Here (https://news.bitcoin.com/indian-lawmaker-says-cryptocurrency-is-inevitable/)

  Cryptocurrency IS.  The word inevitable is redundant.
 I like his taste in colour though -
https://i.imgur.com/EfhOl7e.jpg

The definition of cryptocurrencies with the government differs from that of ordinary individuals. They want a stable central digital currency or they can control it.
Therefore, the focus will be on the representation of paper money digitally with the addition of the blockchain feature and not the purchase of digital assets like Bitcoin.
India is part of the G20, which has open views on these currencies.
Also, do not forget that India wants to get rid of the heavy link with the dollar.

There are two different definitions of cryptocurrency one is by crypto community while second one is by the governments. Crypto community declare cryptocurrency the one that is decentralized while government definition you have already defined.
We get too excited when we hear something about crypto from govt officials without noticing that they have a different definition of crypto

For the countries with negative views about cryptocurrency it's really a matter of when not if for them to finally acvept cryptocurrencies. It's when they start realizing for themselves that they are missing an opportunity for not giving crypto a chance will make them change their views about it. Just like how the Russian government change their views about crypto it starts with one person advocating it and I see that if Swamy starts to gather support then a India that is crypto friendly will be finally possible for them.

I've observed Swami on various debates, and he is actually an intellectual man while I don't agree on many of his controversial views. But I would say he is one of the prominent member of the ruling party who is really underrated because only tech attached ministers like him can actually put some good advise in the ears of the government who's going radically anti-crypto.

I don't really know this guy but what he said that cryptocurrency is inevitable is kinda true. But I know for the fact that even if they will talk about adoption of crypto in India, for sure it will be a centralized one like what most countries are trying to do right now. I won't be surprised when the next news I'll see about cryptocurrency in India, is them trying to make their own digital currency.

Well, he has a point, however, we also know that  their government has a anti-bitcoin stance so I don't know if this is good news or not. And he said, cryptocurrency, not bitcoin per se, so they might developed their own stable coin, just like China.

So I'm still not totally sold, India for me are still in the grey area as far as being a crypto friendly country.

At least someone realized that in India , all we could see right now was law firms fighting over everything and then at the same time you could see the old people opposing it and calling it a scam what I know is , this could actually give people new insight since till now they just have been looking over everything from a weird perspective that is not even true and people are worshiping the banks and the government therefore what I know is , it's time for them to change , change for the good .

It's good news for the cryptocurrency market, but the acceptance of cryptocurrencies is still a long way off because governments are concerned about the threat of cryptocurrencies to the financial sector. A lot of governments have a positive view on blockchian technology but they are still reacting negatively to cryptocurrencies.
I think that the conference of cryptocurrencies this time will be at a standstill, they can not make the regulations beneficial to the cryptocurrency market.

It's pretty obvious and thankfully the leaders around the world are also realizing that yes cryptocurrencies are inevitable and today or tomorrow they could become part of the mainstream currency system of countries. I think this might be a positive new from India because you just don't ban anything which is inevitable. The best you do is you make regulation upon it's limited usage and use this time to develop your own version of it and I think the government might even be looking forward to this alternative as they can put some restriction on bitcoins along with declaring it legal but as we have already heard they are in talks of developing their in house cryptocurrency backed by government.

Every lawmaker and every government knows crypto is inevitable. They are just resisting crypto for their own interest rather than any threat crypto would bring relative to fiat. They also want those crypto that would work according to their interest and share user information easily when needed.

Haha this is a pretty funny things and to all the world users I would like to tell a few things about Dr. Subramanian Swamy.
1. He is really more of a (meme material) Parliament Member who is known for his controversial remarks on every sensitive issue. He might be a phd. in economics but is responsible for removing the most intelligent Reserve Bank Governor RaghuRam Rajan due to which almost half of the intellectual India(including me) hate him.
2. If he is saying something today chances are that he could refute from his statement in a few days.

Lol Maybe this means Bhagwa is inevitable he might be confusing the color of bitcoin's logo with extreme Hindutva. Nevertheless I really have to say that atleast he has the guts to admit that cryptocurrencies are inevitable and could pose a threat to governments.

I think he is talking about blockchian technology or a cryptocurrency managed by the central bank. Most governments around the world don't like a currency they can't control and India is no exception.
Every currency issued by a country is strictly controlled and cryptocurrency investors don't like this. Such currencies are not much different from fiat currencies, if we love a currency of a certain country we simply need to buy them instead of buying that country's cryptocurrency.
As far as I know, India is not an open country to cryptocurrencies.

there are 790 seats in the indian parliament. having one MP on board is great, but let's keep this all in perspective. :D

it was only a month ago that a draft bill imposing a full crypto ban (with 10 year prison sentences!) was dropped from the legislative session. https://cointelegraph.com/news/indian-parliament-will-not-consider-total-crypto-ban-in-winter-session

This is fun, some months ago India was trying to proof a law to send all the people who uses bitcoin to jail for 10 years. And now they say cryptos are inevitable? lol.

i will leave the source here: https://www.coindesk.com/indian-panel-proposes-ban-and-jail-time-for-cryptocurrency-use

Basically crypto is difficult to avoid. Because crypto is part of technological progress itself. Progress in the way humans deal with each other with crypto can change the way people trade. I am sure Crypto will be more useful in the future if a country legalizes it. Because we know crypto has a wide utility.

What is the political struggle look like with Bitcoin in India? It seems to me the government isn’t really for Bitcoin, but is there a party or a certain politician that’s pushing for this direction? If so? What is his argument?

He's right in this digital world, every countries are connecting to the internet and crypto ads is everywhere on the internet. So i think there's no people who used internet daily and doesn't heard cryptocurrency yet. This is a good chance to cryptocurrency to grow because their market segmentation is already right but the only thing which inhibit crypto growing is the security of cryptocurrency is still low.

Many governments have doubts about crypto currencies, so they need to get an education on how crypto currencies work. Not only hear from anyone, it is important to get education so people understand that crypto currencies cannot be avoided because crypto currencies has its own advantages for the government, I want to see this person also discuss about crypto currency at UN headquarters, more clearly educate what is interesting in crypto

Government's are wary with crypto currency cause they fear the unknown especially with all the hacks happening like example what happened to ETH just recently and they fear this can be used for criminality and money laundering. Little do they know that they can customize their blockchain it's up to them to make it centralized. That's why most governments fear it.

Cryptocurrency is already changing the world and will continue to do so. it as a tool of commerce is still in it's infancy, but every day seems to bring new innovations that will enable the inevitable change. like many disruptive technologies before it, the change and full acceptance will take time. But it is happening right now. Wall Street and many governments are going to ignore Bitcoin until it is to late for them to act. they are too slow to react the the new winds of change.

the development of the era plus the technology is very developed, so I think the presence of crypto is inevitable. it is better for thinkers in this world to find a way to adopt it, because so far crypto has been enough to help many people in the world, especially for transactions and economic problems

Inevitable it is. Its really happening and its not a dream but a very fabulous reality. It like existed from nowhere and now everyone is opt into it. Different people from different places of the world have different take on it. For me, its now or never. If you haven't use or earn it now, you can never have it the soonest time.

the development of crypto at this time is quite large as well so maybe the rejection that is happening right now could become legal in the future, we really cannot reject blockchain and bitcoin technology because there are quite a lot of technological developments in the world today

Doc's right. Cryptocurrencies will conquer the world and most likely it will happen in 10-12 years.

Exactly. There is no point in fighting it you will never win so just embrace it. It's like any form of prohibition in the past never ever works and such is the same for crypto. Banning stuff never works it just upsets people and creates conflict. Im glad India is finally taking heed and ended this silly nonsense about banning something which is harmless. Taking peoples freedom is never a good thing. So good that India is making sense of things now and not fighting it.

According to a recent study, about 70 percent of all states intend to issue their national stable coins. In particular, the Central Bank of India, the Reserve Bank, announced such an intention. Therefore, India will gradually switch to the use of cryptocurrency. Even if at first it will be its own stable coin.

I have no idea what they really want finally. India is poor country and bitcoin for that poor country means a lot because some people may trade, some may hold, some may do some job in exchange of bitcoin and etc, all they are doing is killing of possible investment options for random citizens and this way killing another hope/way of earning money. It's best to catch innovations and motivate on it to gain as much profit as possible, it would be better if they invested some money in creating of bitcoin miners or at least starting of conversations with giant mining companies to invest in their country. Blockchain technologies are also great things but idk what's their plan.

We don't know how much his knowledge to crypto can influence the whole panel to also create their own digital currency though. The reason perhaps that he suddenly said this is because he saw China, France and Germany are up to cryptocurrency and their digital fiat. Cryptocurrency is inevitable! Its true. Its here to stay.

Its a news to crypto I guess is because Dr. Swami is known to refute what he says today might be another the next day.  ;D

I have predicted that this will happen in some countries wherein they will create their own digital currencies wherein its centralized and is still fully controlled by the government. Yes cryptocurrency is inevitable because we should all jive with the current technology nowadays so that we will not be left behind.

Many of the world's most powerful and influential people have concluded that the cryptocurrency trend is unstoppable, because their Blockchain technology is safe, transparent, has lower costs and is more inclusive.

He sees how great cryptocurrency will be a help to Indian community. If it goes well, their is a high chance that their country will grow with the help of bitcoin. Though it is not as easy as we thought because there are numerous things that we have to considered. But I do hope Dr. Swami will convinced the UN's Indias headquarters as he has a positive goal helping the country.

Exactly, this man true understand how the entire financial world is transforming .... Considering the rate at which the world is advancing in terms of technology and artificial intelligence, the use of digital currencies is something which is definitely inevitable. It is about time the entire world accept and adopt the use of cryptocurrencies since they are the new revolution of physical fiats. People need to just understand what cryptocurrencies are and the benefits they will introduce to the financial ecosystem  and mainstream transactions among people.

These lawmakers and government personalities are looking into cryptocurrencies, because it is certainly inevitable. We are at the point where transition from paper money to digital currency is becoming widespread, as technological advancements has made its way in most parts of the world, the need for such step is evident. And given the fact that cryptocurrency has already existed for years, now might be the right time for it to be given attention to.

I know the Indian government know about the reality of Cryptocurrency, but since they can't control it like they do with their national currency, they are buying time to study it more, it's a necessary evil for any nation that want to advance their financial institution. We just can't continue to rely on the old ways., technology has come to change the way life is been defined.

India is one of the key factors in the current world both political and economic aspect, they have a big population size within the country and outside the country, You can find out an Indian every corner of this globe, they are very eligible to do anything, Like China, they can take a step regarding the cryptocurrency system, so if they are serious about cryptocurrency then people of India will get benefitted by this revolution, I am sure cryptocurrency will help them to make more affluent and efficient because every new invention is fruitful for this generation. 

Its what they are doing these days, its not surprising anymore that more and more countries soon will also launch digital fiat. With China on the lead of this, countries will see the benefit of re-aligning to progressive economic leader.

What could be beneficial for now might just be a disadvantage to another aspect though. This blockchain can become a big database for all to see and you may not be able to hide anything if a wallet is associated to you.

Governments of other countries are also suspicious of crypto, but you noticed right-technology will still win.

We need more politicians like Swamy, he is the front runner in the parliament as I have seen and may influence the government in taking back its stand against crypto usage. Also Supreme Court should hear the arguments as soon as possible to resolve the bank transactions ban. We really need more supporters within the governments.

This is another merit of a great country like India. Everyone who has access to the Internet can use cryptocurrency today. It is his business whether or not to engage in cryptocurrency in the future.