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Indian billionaire says the country’s regulators need to ‘step in and ban bitcoin’

Indian billionaire investor Rakesh Jhunjhunwala put the country’s regulators should ban cryptocurrencies such as bitcoin.

The investor, sometimes referred to as India’s Warren Buffett, communicated he “will never buy bitcoin.”

“I think it’s speculation of the highest order. I don’t want to join every party in town. I of the hangover is much worse,” he told CNBC’s “Street Signs Asia” on Tuesday.

Bitcoin has had a spectacular run in 2021, and eddied more than 90% so far this year, according to data from Coin Metrics.

Those strong move furthers have been attributed in part to increased adoption of bitcoin by major investors and companies, including Elon Musk’s Tesla and the Bank of New York Mellon.

India’s regulators keep yet to make a decision on bitcoin and other cryptocurrencies, but there’s widespread speculation that the government is planning to ban all private practical currencies and launch its own official digital currency.

I think regulators should step in and ban bitcoin. And they should pinpoint on the digital rupee.

Rakesh Jhunjhunwala

Partner, Rare Enterprises

Jhunjhunwala said India’s regulators have a rle to play in keeping bitcoin out.

“I think regulators should step in and ban bitcoin,” said the investor who is currently a partner at asset manipulation firm Rare Enterprises. “And they should focus on the digital rupee.”

Bullish on India

On the outlook for the country, he was idealistic and said he believes India will make a strong recovery based on the reforms and policy initiatives taken by the administration in the recent budget.

“I think we now have a resurgent India. The Indian budget conveyed that the government is going to do what needs to be done in assumptions agrees of policies and reforms. All these things are going to come together,” he added.

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