Indian crypto exchanges have pooled their resources and launched a campaign to gain support from as many MPs as possible on cryptocurrency regulation. The crypto law is on the list and will be filed in parliament soon. It tries to ban cryptocurrencies while creating a framework for the digital rupee issued by the Reserve Bank of India (RBI).
Indian Crypto Industry’s Campaign to Establish Positive Crypto Regulation
The Indian government is planning introduce the cryptocurrency bill entitled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” at the current session of parliament. The bill aims to create a regulatory framework for the digital rupee to be issued by the central bank, while banning “private” cryptocurrencies.
In response to the government’s plan, the Indian crypto industry launched an online campaign on Thursday to convince as many representatives as possible of the crypto bill. A website has been created for the campaign that allows Indians to select their constituencies and send an email to their Lok Sabha representatives for their support if the bill goes into parliament. There are five email templates available.
The emails point out several important facts about the Indian crypto industry, including that there are between 10 and 20 million active crypto users in the country, more than 340 startups offering crypto services, about 50,000 employees and millions of dollars in venture capital funding. .
Following the lifting of the banking ban last March by the country’s Supreme Court, “India’s crypto industry has seen tremendous growth” and “more than 20 million Indian citizens have trusted the crypto market by investing in cryptocurrencies,” said an e-mail.
Another explains that “Cryptocurrencies are not here to replace INR or USD. They are digital commodities, just like gold or silver. An email addresses the “private” crypto portion of the bill: “Popular cryptos such as bitcoin and ethereum are not private. There is no company, no CEO and no jurisdiction for it. Another email claims:
It is a false belief that RBI creating its own crypto removes the need for other cryptocurrencies. Existing cryptocurrencies such as bitcoin, ether, etc. have their own specific use cases. Each blockchain needs its own native token to work. INR cannot be used in such cases.
The emails also urge MPs to consider that “cryptocurrencies are legal and regulated in … every major country in the world.” Additionally, the emails refer to the Financial Action Task Force (FATF) and G-20 guidelines, noting that cryptocurrency is “ a trillion-dollar global industry with players like Elon Musk, Paypal, New York Stock Exchange , Blackrock, JP Morgan participate. “
One email concludes that the implementation of “positive regulation will put India first in the global blockchain and crypto space.” It will also “contribute significantly to the Prime Minister’s goal and vision of ‘self-reliant India’ (Atmanirbhar Bharat)” and lead to “a thriving $ 5 trillion Indian digital economy by 2024”. Another email reads:
If this bill passes, India will be left behind in the crypto and blockchain technology space and intellectual Indians will be forced to be withdrawn from India due to favorable regulations.
Do you think the Indian government will listen to the crypto industry and not ban cryptocurrencies? Let us know in the comments below.
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