The former Deputy Governor of the Reserve Bank of India (RBI) has spoken out about the nation’s financial and crypto ecosystem and stated that digital assets need to be accepted. Speaking at the inaugural HODL ’21 virtual conference organized by the Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI) on Sept. 7, Rama Subramaniam Gandhi said that crypto could be used for payments for economic activities but he sees them more as an asset class. The regulatory situation in India remains unclear with bills and legislation still being mulled by politicians. Earlier this month, the government announced that it was working on a draft bill to define cryptocurrencies as commodities where they could be taxed. If passed, it would not allow them to be used for payments, but traded and invested in as assets instead.