Ashish Singhal, the founder, and CEO of CoinSwitch Kuber has advised Indian crypto investors to avoid panic selling due to the proposed ban on private coins. Singhal said this during an interview earlier today, adding that it would be wise to keep a level head while waiting for the government to share more details about the crypto ban bill.
In the interview, Singhal said the Reserve Bank of India (RBI) holds the right to control currencies in the country. As such, its decision to issue a central bank digital currency (CBDC) is a natural solution to this problem instead of depending on conventional cryptos like Bitcoin (BTC/USD) and Ethereum (ETH/USD).
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However, he does not believe the launch of a CBDC is India’s way of saying cryptos do not have use cases or that they do not solve something great. Singhal added that public blockchain networks might support tomorrow’s Google and Microsoft.
Singhal added that the Indian government understands crypto has multiple use cases apart from serving as a currency, seeing as the sector can power web3. With this in mind, he pointed out that web3 innovations might come from India. This potential explains why the government intends to let Indians experiment with specific cryptos and the blockchain.
Research is key
The CoinSwitch Kuber CEO urged all crypto investors in India to remain calm and research crypto well before arriving at a rushed conclusion. He added that crypto adopters should wait on the government’s official statement and avoid relying on secondary sources. In so doing, he believes investors will be in a position to determine whether to sell or hold their crypto.
Per Singhal, the sell-off in the past week was because of misinformation, seeing as no new information on the crypto ban is out yet.
Singhal added that,
So far, our discussion has been positive, and we are really hopeful that India would also adopt crypto like other developing and developed nations.
Singhal’s sentiments come after the crypto market crashed on Friday due to a series of negative news, including WHO discovering a new COVID strain in South Africa. As a result, most coins bled, with BTC trading as low as $53,569.76 (£40,189.37).
However, the bearish sentiment wore off over the weekend, and the crypto market is green again. At the time of writing, BTC is up 5.22% over the past 24 hours to change hands at $57,141.83 (£42,870.94).
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