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IFSC should accept cryptocurrencies to boost the economy – Chairman Srinivas

IFSC

TL;DR Breakdown

• Indian politician believes that cryptocurrencies will benefit the country’s economy.
• IFSC President believes that less risky tokens should be used.

The IFSC agency in Gujarat, India’s business district, recently said they could put cryptocurrencies to good use, both for payments and trading. The agency providing business services in India believes it can use the less volatile cryptos to help its economy. However, this goes against what regulators say.

The president of the financial center believes that it is impossible to shy away from crypto, so measures should be taken to take advantage of it. However, the head of the agency respects the regulator’s opinions.

IFSC President discusses cryptocurrencies

IFSC

Injeti Srinivas, IFSC chairman, has taken a clear stance on the cryptocurrency market. Srinivas believes that it is important distinguishing between cryptocurrencies as a virtual asset, cryptocurrencies as legal tender, and cryptocurrencies as support for the technological area. In this way, using the tokens could be chosen without taking risks.

The Srinivas goal is to create a scheme supporting cryptocurrencies but avoid all the risky of the decentralized market. However, the Indian politician must determine the right course and how investors will be looked after to complete this objective.

Srinivas was a member of the Indian administrative service, which shows that the crypto market also has disadvantages. The politician says that decentralized cryptocurrencies have a volatile value. They have no sustainability, which questions whether they have real backing.

India revisits crypto issues

India is among the top countries in South Asia that talk the most about cryptocurrencies, either regarding speculation about their adoption or imminent regulation. But the IFSC had never given an official statement about the crypto market and whether it was possible to use it to their advantage. With Srinivas taking over from the Indian financial agency, using the less volatile tokens may be possible.

This list of less risky cryptocurrencies, according to the IFSC, could include USDT or BUSD. Still, there is also speculation about using one of the ten most popular cryptocurrencies in the market. So far, all opinions are speculative, but the Indian politician will announce the progress at some point.

Injeti Srinivas closed his statement by saying that perhaps India surpasses Singapore or Dubai’s tax powers after using cryptocurrencies. But if it is possible to beat them in sustainability if they use the cryptocurrency market for their benefit. However, it is a job that requires study so Asia can correctly use cryptos.

While all that happens, the crypto market is recovering from a bearish streak, causing Bitcoin to trade at  $48,920 with a rise of 0.78 percent in the last 24 hours.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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