May 14, 2022 - 4 days read

Indian Crypto Exchanges Initiate Online Campaign To Avert Possible Ban

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Via Medium

Cryptocurrency exchanges in India have combined efforts under one voice to launch a campaign soliciting support from lawmakers and members of the Parliament in their numbers to look into the…

Cryptocurrency exchanges in India have combined efforts under one voice to launch a campaign soliciting support from lawmakers and members of the Parliament in their numbers to look into the cryptocurrency regulation in the country.

A recent crypto bill, set to be introduced in the parliament soon, seeks to restrict digital assets in the country while creating a framework to oversee the digital rupee to be issued by the Reserve Bank of India, RBI.

The crypto campaign is targeted at giving rise to a better approach towards crypto regulations. The Indian government is set to introduce the crypto bill titled "The Cryptocurrency and Regulation of Official Currency Bill 2021" during the current session of the parliament.

In light of the new development, the Indian crypto community initiated an online campaign scheme last week to urge investors and traders alike and crypto representatives to speak up regarding the crypto bill. A website has been designed to make the campaign a lot easier for Indians to choose their various constituencies and compose an email to their representatives for massive support should the bill be passed.

The emails sent out identifies the crucial points in the Indian crypto space, including that there are between 10 and 20 million active crypto users in the country, about 350 startup exchange platforms providing crypto services in the country, over 50,000 employees, and millions of dollars in venture capital funding.

According to one of the emails, the crypto industry in India has experienced a tremendous leap, and over 20 million citizens have trusted the crypto market by investing in cryptocurrencies.

Another stated that digital assets are not here to replace INR or USD. They are digital commodities, just like gold or silver.

"It's an incorrect belief that RBI creating its crypto removes the need for other cryptocurrencies. Existing cryptocurrencies such as bitcoin, ether, etc., have their specific use cases. Every blockchain needs its native token to operate. INR cannot be used in such cases." Another email noted, talking about the private crypto part of the proposed bill.

Other emails also compelled members of parliament to consider a positive regulation.

An email suggests that enforcing favorable regulations will give the Indian crypto community a boost in the global blockchain and crypto space and also contribute significantly to the Prime Ministers' goal and vision of making India self-reliant and birth an enviable digital Indian economy of $5 trillion by 2024.

"If this bill is passed, India will be left behind in the crypto and blockchain technology space, and intellectual Indians will be forced to be brain drained from India for conducive regulations." One email read.