The billionaire businessman known as India’s Warren Buffet, Rakesh Jhunjunwala, has expressed his approval for India’s eventual ban on cryptocurrencies, warning that the bitcoin (BTC) mania will be worse off than the group itself.
Jhunjunwala, speaking on the CNBC Street Signs Asia segment on Tuesday, said the Bitcoin party was one he’d rather not attend:
“I think it’s speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse.”
The headache of the hangover was felt to some degree on Tuesday, when nearly $400 billion left the overall market capitalization of cryptocurrencies. Bitcoin lost approximately 20 percent of its value in hours, while much of the altcoin industry experienced losses in excess of 30 percent.
If that means the bullish bitcoin party is over for now, or buyers are going to come back for a dog’s hair that bit them, it needs to be seen.
Any way, Jhunjunwala is eager to see Indian regulators rubber-stamp their ban on Bitcoin and other cryptocurrencies, and insists that the nation should concentrate on developing its own automated roupee central bank.
“I think regulators should step in and ban Bitcoin, and they should focus on the digital rupee,” said Jhunjhunwala.
In mid-February, news emerged about the forthcoming ban on all cryptocurrencies by the Indian government, with investors supposed to be granted a three-to six-month grace period to cash out their crypto funds.
Not everyone is as excited as Jhunjunwala to see cryptocurrencies banned in India. Former Chief Technical Officer of Coinbase Balaji Srinivasan expressed his own reservations about the ban, saying that such a change would be close to a ban on the Internet.
Other nations have also tried to prohibit the propagation of cryptocurrences. The Nigerian central bank recently released a circular to all commercial banks asking them to stop dealing in cryptocurrency exchanges. That is despite, or maybe because of, the fact that Nigeria is one of the busiest centers in the world for Bitcoin to use so much that Nigerian officials have called it a threat to their own national currency.