Deepak Kapoor: “Bitcoin should have the status of a security, not a currency”

Deepak Kapoor, founder of the Indian research center BEGIN India, believes that bitcoin should receive the legal status of a security and not be used as a currency.

Deepak Kapoor explained that bitcoin needs to be regulated on a par with traditional financial assets and should be traded in the stock market in a similar way to stocks. According to Kapoor, this is the only legal status that can be assigned to bitcoin, so it does not need to be legalized as a cryptocurrency. 

The head of BEGIN India called Bitcoin a confidential currency, and if legalized as a digital asset, it could wreak havoc on the Indian economy. In addition, Kapoor fears that Bitcoin and other crypto assets are being used for terrorist financing and money laundering, so he urged Indian authorities and law enforcement agencies to study the matter in detail. However, the CEO of cryptocurrency exchange WazirX, Nischal Shetty, has spoken out against bitcoin getting share status.

“Bitcoin does not give the right to a part of the company that can be bought out or invested in it. Bitcoin should be viewed as an asset, like gold. But it has nothing to do with stocks, ”commented Shetty.

Such discussions arose amid rumors that despite the lifting of the ban of the Central Bank of India (RBI) on the use of cryptocurrencies in the country, the Indian authorities may again ban them. This summer , information emerged about a bill that could make trading and owning cryptocurrencies illegal in India.

Despite the uncertainty in the regulation of the cryptocurrency industry in the country, trading volumes on WazirX have not changed even after such news appeared. Shetty said local traders no longer respond to rumors and prefer to act on the situation, depending on the specific actions of financial regulators.

Note that in June, Ripple published guidelines that Indian authorities could adhere to to better regulate crypto assets.

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