Rakesh Jhunjhunwala, sometimes referred to as India’s Warren Buffett, said he would never buy Bitcoin. He is a familiar face in India’s business landscape.
The Indian billionaire investor also wants regulators to ban Bitcoin during an interview Tuesday. There are also rumors that the government plans to ban Bitcoin and all other cryptocurrencies.
Jhunjhunwala shared his thoughts as follows:
“I think it is speculation at the highest level. I don’t want to join every party in town. I think the hangover is much worse.”
He also added that the country’s regulators should step in and ban cryptocurrencies like Bitcoin. And they should focus on creating the digital rupee instead.
Indian crypto enthusiasts have been forced to deal with uncertain regulatory regimes. In March 2020, the Supreme Court overturned an earlier ban by the Reserve Bank of India (RBI). This was to prevent commercial banks from servicing crypto exchanges. Months after the ban was lifted, the RBI is back warning that it will ban all private cryptocurrencies.
Indian banks have also tightened their control over crypto accounts. Some banks began asking customers to clarify their account activity. These banks include HSBC, HDFC Bank, Citibank, and ICICI Bank.
Meanwhile, the price of Bitcoin has risen sharply over the past month, but has fallen back in recent days. At the time of writing, BTC is trading at $50,500. That’s an increase of more than 64% since the beginning of the year.