Even as world's most popular digital currency, Bitcoin, continues on a rising streak, investors have shown mixed reactions towards cryptocurrencies. Investors in India are also immensely intrigued by digital currencies, despite uncertainties over their future in the country. As per experts, banning cryptocurrencies in the country could potentially destroy a lot of value for the general public. Here is what some notable figures have to say on cryptocurrencies.
Nirmala Sitharaman, Finance Minister"My view on this is that of course the Supreme Court had commented on cryptocurrency and while the RBI may take a call on official cryptocurrency but from our side, we are very clear that we are not shutting off all options.""A Cabinet note is being prepared. It's almost nearing completion and then it will be taken to the Cabinet... we will allow a certain amount of window for people to experiment on blockchain and Bitcoin. However, the formulation of cryptocurrency will be part of the Cabinet note which will get ready soon."
Shaktikanta Das, Governor, RBI"RBI is working on a central bank digital currency, which is far different from cryptocurrencies. We don't want to be left behind in technological revolution. The benefits of blockchain technology need to be capitalised. We've certain concerns regarding cryptocurrencies."
Raghuram Rajan, Former Governor, RBI"I think one has to look around the world. Bitcoin reached $40,000 after being at $10,000 in the beginning of last year. So Bitcoin is the classic bubble, right, it produces no value. It is an asset, which can't even be used for payment because it is really difficult. And yet it hit $40,000. So why are people buying Bitcoin, because they think it will go up. And that is bubblish thinking."
Anurag Thakur, Minister of State for Finance and Corporate Affairs "The existing laws are inadequate to deal with the subject, which is why the government has formed an inter-ministerial panel"."This committee has submitted a report, following which there will be a meeting of the empowered technology group. The committee of secretaries has also given its report, and now the bill is being finalised before it's sent to the Cabinet." "We will be bringing the bill soon."
Bill Gates, Microsoft CEO"Elon has tons of money and he's very sophisticated, so I don't worry that his Bitcoin will sort of randomly go up or down. I do think people get bought into these manias who may not have as much money to spare. My general thought would be that if you have less money than Elon, you should probably watch out."
Changpeng Zhao, Binance, CEO"If people use US dollars to commit some crime, it does not make US dollars illegal. There's nothing bad about US dollars. Bitcoin is a better currency on many different fronts."
Elon Musk, Tesla CEO"People should not invest their life savings in cryptocurrency, to be clear -- that's unwise." "There's a good chance that crypto is the future currency of Earth, and it's like which one's it going to be? Maybe it'll be multiple. It should be considered speculation at this point. So don't go too far with the crypto speculation front."