India’s Warren Buffett Wants Regulators to Ban Bitcoin and Focus on Digital Rupee

Indian billionaire Rakesh Jhunjhunwala, sometimes referred to as the Warren Buffett of India, says that the government should ban bitcoin. Calling the cryptocurrency “speculation of the highest order,” the billionaire investor stated that he will never buy bitcoin.

Billionaire Rakesh Jhunjhunwala Thinks Indian Government Should Ban Bitcoin

Rakesh Jhunjhunwala believes that the Indian government should step in and ban bitcoin, CNBC reported Tuesday. Jhunjhunwala, who currently manages his own investment portfolio as a partner at asset management firm Rare Enterprises, is sometimes known as the “Warren Buffett of India” and the “King of Bull Market.”

Jhunjhunwala was quoted as saying:

I think regulators should step in and ban bitcoin. And they should focus on the digital rupee.

The Indian government is planning to introduce a cryptocurrency bill in the current parliament session. The bill provides a regulatory framework for the digital rupee to be issued by the central bank, the Reserve Bank of India (RBI), but bans all private cryptocurrencies. The finance ministry recently confirmed that the bill is being finalized and would soon be presented to the cabinet for approval.

Meanwhile, the price of bitcoin has risen sharply over the recent months but has since retracted over the past few days. At the time of writing, the price of BTC stands at $50,630, which is more than a 73% increase since the beginning of the year, according to data from markets.Bitcoin.com.

The Internet and Mobile Association of India (IAMAI) emphasized last week that cryptocurrencies and the digital rupee can co-exist and that the central bank does not need to ban bitcoin in order to launch the digital rupee.

“Existence and use of crypto assets by Indian consumers open up a wide scope for Indian entrepreneurs to issue such currencies and it is likely that Indians who comprise 15% of global buyers will prefer an Indian crypto asset,” the association detailed.

Jhunjhunwala further said on Tuesday that he “will never buy bitcoin,” elaborating:

I think it’s speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse.

What do you think about Jhunjhunwala’s view on bitcoin? Let us know in the comments section below.