Founder of India's BEGIN think tank: Bitcoin should not be legalized as a private currency

Indian entrepreneur and founder of BEGIN think tank Deepak Kapoor called on financial authorities and governments to regulate the cryptocurrency sector to prevent the illegal use of this "innovative technology."
Speaking on Business World on Monday on a panel with noted author and editor Ratan Sharda, Deepak Kapoor further said that cryptocurrencies should be placed in a similar regulatory environment as corporate securities or stocks.
India’s blanket ban on cryptocurrencies, as stipulated by the Reserve Bank of India, was reversed earlier this year after the Supreme Court ruled it unconstitutional. Ratan Sharda welcomed the Supreme Court’s final decision, saying that the The total ban in the current bill "won't work." "Just like you can't ban pornography, you can't ban cryptocurrencies." "The better view is to have controls on the market and the ecosystem."
However, Deepak Kapur believes that governments will not be privatizing Bitcoin (and similar cryptocurrencies) anytime soon. He explains that regulation will only affect a smooth transition to digital payments, but accepting private cryptocurrencies usually leads to economic collapse. "Globally, everyone wants to turn Bitcoin into a private currency, but this is not allowed because it will lead to economic collapse."
Deepak Kapoor praised cryptocurrency as an unhackable technology, but warned that legalizing Bitcoin and private cryptocurrencies "could put the entire country's economy at risk."
According to the CEO of BEGIN think tank, Bitcoin should be treated like a stock or company security. He further stated: “This is the only legal status it can get, and it should get that status. This is probably the most secure crypto technology we have ever seen in our lifetime.”
India’s Supreme Court’s landmark decision to repeal a blanket ban on crypto has ushered in a new wave of interest in these digital assets. However, Deepak Kapoor believes the country should do more in terms of regulation to curb cybercrime using Bitcoin and cryptocurrencies.
“We don’t even have cryptocurrency crimes registered as a crime category in the country. Let’s acknowledge that first,” he said. “I hope that senior officials from investigative and law enforcement agencies at least know about it first and what the world is heading towards.”
He called on the government to set up a dedicated agency to investigate virtual assets or empower the Securities and Exchange Board of India (SEBI) to regulate them.
India's regulation of cryptocurrencies still lags far behind other countries. Since lifting the crypto ban in February, the Reserve Bank of India has given contradictory statements on what is legal and what is not. In May, the country's central bank announced that it did not prohibit any banking service institution from doing business with cryptocurrency service providers, despite reports that the central bank had begun to ban it. (Baijiahao)