The Indian government has always been passive when it comes to cryptocurrencies and how they can have a real human impact in the near future. Speaking on this same topic, Rajya Sabha MP Subramanian Swamy shared his thoughts from an economist perspective and highlighted how effective this technology could be. The webinar took place on his youtube channel- Virat Hindustan Sangam. Even his daughter, Dr Gitanjali Swamy, also put forth her perspectives on crypto and briefly explained some technical aspects using an Indian wedding analogy.
Dr Swamy calls cryptocurrency a new trend in goods exchange that caught the eyeballs of every teenager in the country and many retail investors from the stock market. Even though he labels himself in the ‘traditionalist’ category, he believes the next step in the timeline of the barter system is conducting bilateral exchanges with the help of robust computer networks.
He also emphasizes how hard it will be for governments to adapt to this new level of technology, especially in a country like India. Dr Swamy also mentions, “The Government of India is resisting its coming but then in many countries, it is now becoming an integral part”, which tells us how crucial it is for India to support mass adoption sooner than later.
“Bitcoin is unstoppable”, said Dr Swamy, and he believes it will lead as a subject of the future. Even his daughter weighed in on this subject with a wedding analogy for the crowd to relate to. She uses the crowd present in the wedding as nodes present in the blockchain, so if either party backs out, many people will witness and record that incident. She also elaborates a little on bitcoin mining and several other aspects, but on the whole, she is also a believer in the technology and how much impact it can make in the future.
Bitcoin and other cryptocurrencies reeled in a traditional economist like Subramanian Swamy, which is significant to take away from this article. Even though he might not have invested a large sum of money, the perspective on the subject is what is relevant. The framework is so solid for cryptocurrencies like bitcoin that it will always show a promising future. That is why we can expect more influential people from the top companies and industries to pay more attention to cryptocurrency use-cases and future applications.
Born and brought up in India, Karthikeya Gutta is a crypto journalist and freelance contributor for ItsBlockchain. He covers various aspects of the industry with in-depth analysis and research. His passion towards blockchain and crypto ecosystem is mainly because he believes it can really change the world and help millions of people.
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