Saudi Press

Saudi Arabia and the world
Wednesday, Sep 03, 2025

India Cannot Risk Being A Late Mover In Accepting Crypto: CoinSwitch’s Ashish Singhal

India Cannot Risk Being A Late Mover In Accepting Crypto: CoinSwitch’s Ashish Singhal

Speaking at the same event, Mrutyunjay Mahapatra, Member of the Governing Council of RBI Innovation Hub said that the systemic risk of denting political and social stability because of economic instability are creating concerns in the minds of the policymakers when it comes to cryptocurrencies.
Cryptocurrencies provide India an opportunity to turn into a net exporter from a net importer of technology, according to Ashish Singhal, Founder and CEO of crypto exchange CoinSwitch Kuber.

Speaking at Mumbai Micro Experience of FinTech Festival India 2021-22, Singhal said, “We cannot be the late movers in accepting crypto. We already missed the first bus of Internet 1.0. Today 70 percent of our revenues go to US-based tech giants. We are a net importer of technology. We import over $10 billion of this technology every year and it is expected to grow to $45-30 billion over the next 3-4 years.”

Early participation in cryptocurrencies could give India the chance to become a net exporter of crypto and blockchain technology, Singhal added.

Mrutyunjay Mahapatra, Member of the Governing Council of RBI Innovation Hub and Board of Supervision of NABARD and Member of Insurance Advisory Council of India, voiced concerns that RBI has around cryptocurrencies.

“RBI’s apprehension regarding cryptocurrency is emanating because the three critical things, entry barriers, supervisory framework, and cross border aspect are not getting translated into the crypto world," Mahapatra said.

RBI Governor Shaktikanta Das has repeatedly said that the regulator has concerns around cryptocurrencies and the same has been conveyed to the Centre. Das had recently said that there was a need for deeper discussions on cryptos.

According to Mahapatra, “Systemic risk and the psychological risk of denting the political stability and social stability because of economic instability even if it is the minutest are creating concerns in the minds of the policymakers.”

Acceptance and regulation of cryptocurrencies can have a cascading effect on various facets of the economy, including banks as the meaning of investing is changing rapidly.

Speaking from a banker’s perspective, Saugata Bhattacharya - Executive Vice-President & Chief Economist at Axis Bank, said, “If an environment of cryptocurrencies including global central bank digital currencies begin to evolve then there are multiple implications for banks, some good and some bad. They need to be aware and need to design their systems in place for this technological shift.”

The past few days saw chaos in the crypto world after the Centre released a list of bills to be tabled in the Winter Session of the Parliament that is set to begin on November 29. The crypto bill, named ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ is part of the list.

Industry experts and lawyers expect that cryptocurrencies will be regulated and there will be no blanket ban. The regulations are expected to ensure better monitoring of crypto transactions and guidelines around penalties for fraudulent activities might be framed. However, clarity is awaited on how crypto assets and related services will be taxed.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
×