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Indians are standing up for crypto with #IndiaWantsCrypto Campaign - Don’t ban cryptos please!!
As an Indian Crypto enthusiast, I am very grateful that there are crypto communities here led by heads of prominent Indian exchanges Wazirx and Coindcx. These communities are very active in campaigning against Indian Government’s stance of trying to ban cryptocurrencies in India. This time these Indian Crypto Exchanges engaged the Indian crypto community to email their representatives in Parliament, urging them to not support any proposed act in the Parliament that aims to ban cryptocurrencies emphasising on the need to set forth positive and progressive regulations for the Indian crypto industry.
The Indian Government, has plans of passing a cryptocurrency bill; “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” in a hurried manner, through way of ordinance(order of the president), which intends to establish a framework for the development of a Central Bank Digital currency (CBDC); Digital Rupee, while banning private cryptocurrencies. It is not clear if this means banning cryptocurrencies like BTC and ETH but the country’s crypto industry and community are worried about the Indian Government making such a law that will ban cryptocurrencies.
Most of the World and big businesses have embraced crypto!!
Many other points were highlighted on the need for cryptocurrencies, as they are legal and regulated in major countries of the world. Currently, crypto industry is a trillion dollar industry with the World’s most prominent business players in it like
Elon Musk, Paypal, New York Stock Exchange, Blackrock, J. P. Morgan.
G20 and FATF have instructed its member nations to regulate and not ban cryptos
Furthermore, G20 and Financial Action Task Force (FATF) have instructed its member countries which includes India to regulate the crypto industry rather than banning them.
Cryptos cannot be separated and ignored from the ecosystem of Blockchain Technology
More was explained that BTC and ETH are needed as they have valuable use cases as native currencies of their blockchain, much required for their respective blockchain ecosystem to function.
These cryptos are not there to replace INR, but are like commodities like gold and silver.
Crypto no longer is something that can be ignored now, for Blockchain Era has kickstarted
At this era, Blockchain innovation has to be embraced for the economy to flourish, else India will lose out on economic development and growth. We all know that Blockchain is the future, it has to be embraced and crypto currencies have to be accepted in the country’s economy.
Blockchain Technology will be implemented in the coming years by industries from insurance, banking, supply chain and more. There is a reason ,Decentralised Finance movement boomed and it’s set to take off further, because it’s a good way to lend and borrow money since traditional banks have their drawbacks.
I like to end by saying that I sent a email to my State’s Parliament representative(MP), very easily through https://indiawantscrypto.net/ website platform. I just needed to select the State I belong to and select a ready made template that very well explains to the Parliament Members why India should not ban cryptos and then proceed to send the already well composed email.
I am so happy that whenever this ban threat comes about the crypto community engages us. Last time, few years back, Wazirx CEO, Nischal Shetty made a petition that we signed detailing why India should not ban crypto.
This time too, he has done a lot in #IndiaWantsCrypto campaign, even talking about this on news channels, all that can be checked out in his twitter handle @NischalShetty. I urge all Indian crypto enthusiasts to also email their PArliament members through the platforms I have mentioned here and spread the word. Remember, everyone has the right to deal with cryptos, although I hope Government does not regulate the industry in a way that harms us, for example by charging exorbitant taxes on crypto HODLERs, since we already pay off enough fees in our crypto dealings.