Nikhil Kamath from Zerodha on what the next decade will bring to cryptocurrencies

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Even as the government considers bringing the cryptocurrency bill forward in the current winter session of parliament, which will likely ban all private cryptocurrencies in India, Zerodha co-founder Nikhil Kamath , took to Twitter to ask what the next decade might hold for cryptocurrencies.

Kamath tweeted: “I think the next decade is going to see some serious reverse correlation trading between gold and crypto, people could buy gold to sell crypto and vice versa, do you think?”

Meanwhile, leading sources have revealed that the government is unlikely to introduce a cryptocurrency bill during the current winter session of Parliament, while also suggesting that each time when a bill is introduced, it will be referred to the standing parliamentary committee for broader deliberations with stakeholders. .

Although listed in the government’s winter session legislative work, the bill seeks to “create a framework to facilitate the creation of the official digital currency to be issued by the Reserve Bank of India.”

It is also seeking to ban all private cryptocurrencies in India. However, it “allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses,” according to the bill listed for introduction on Lok Sabha’s website. Currently, there are no regulations or prohibitions on the use of cryptocurrencies in the country.

This is in line with the fact that the RBI reiterates its firm positions against cryptocurrencies, claiming that they pose serious threats to the macroeconomic and financial stability of the country and also doubts the number of investors who trade there and their claimed market value.

RBI Governor Shaktikanta Das also spoke out against allowing cryptocurrencies earlier this month, saying they pose a serious threat to any financial system because they are not regulated by central banks.

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