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Interview: ‘Bitcoins will be used by sovereigns in the future’ – Rahul Pagidipati, ZebPay

Bitcoins could become the currency of the future as exchange rates weaken and local currencies depreciate over time, leading to people, institutions and even sovereigns using Bitcoins or other crypto-currencies as a means to settle payments internationally, said Rahul Pagidipati, chief executive officer of ZebPay, a leading crypto-currency exchange. This would mean that the US Dollar would be replaced by Bitcoins or other crypto-currencies as it becomes devalued over time as the world's reserve currency. In an interview with MediaNama, Pagidipati said that the time for an outright ban on crypto-currencies is over, and that the government should work with the industry to address specific regulatory concerns and encourage innovation. The government announced that it would introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will ban “private” crypto-currencies while at the same time providing the Reserve Bank of India (RBI) with the requisite legal powers to develop a central bank-backed digital currency (CBDC), according to an official Lok Sabha Bulletin Part II for the Budget Session 2021 of Parliament. Since announcing the proposed legislation, the Finance Minister has clarified that the government will give investors a window to square their holdings and that a “calibrated” policy is being planned. [embed]https://www.youtube.com/watch?v=1g0V6zOz5hw[/embed] Edited excerpts from MediaNama’s interview with Rahul Pagidipati, chief executive officer and Vikram Rangala, chief marketing officer at ZebPay, follow. 'Countries are going to settle payments in Bitcoins' "It is not that big of an innovation because, to me the rupee and the dollar are already…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ