|-#IndiaWantsCrypto campaign has passed 826 days with growing support from the community. |
-More than 7 million currently owns over $1 billion worth of cryptocurrency in India.
-Moreover, a ban on Crypto will set the country back by 10 years.
#IndiaWantsCrypto, a social media campaign for positive digital currency regulation in India has passed 826 days with growing support from the community.
Uncertainty over crypto in India
Cryptocurrencies have been gaining traction in India over the recent months. However, many Indians see them as an alternative to buying gold. In addition, the trade volumes at several crypto exchanges in the country have been rising.
With the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. India will decide if it is for or against innovative technologies. Moreover, over 7 million currently owns more than a billion worth of cryptocurrency in India.
In 2019, the draft bill named “Banning of Cryptocurrency and regulation of official digital currency”. It’s great to notice that this time there’s no mention of a ban in the bill name.
According to the Lok Sabha bulletin last week, the Modi government plans to introduce a bill. More so, prohibiting all private cryptocurrencies in India. And creating an official digital currency issued by the Reserve Bank of India (RBI).
Moreover, the use of incorrect terms such as “private cryptocurrency”. Or the fact that there’s a thought process that says RBI creating its own crypto. In addition, removing the need for other cryptocurrencies is a misnomer that needs to be cleared.
India Wants Crypto Campaign
Ahead of the budget, #IndiaWantsCrypto campaign was trending on Twitter.
Furthermore, Governments around the world claim to support innovative technologies such as AI, ML, Blockchain etc. However, in order to really make a positive difference. And go ahead in these technologies, deep expertise is needed.
Unfortunately, India has not created deep crypto expertise yet. Even more, the lack of regulatory clarity and the hostile nature towards this innovation is to blame for this situation.
WazirX India CEO Nischal Shetty said,
The right crypto regulation will catapult India ahead in this innovative technology while wrong regulation such as a ban on Crypto will set our country back by 10 years. We’ll never be able to catch up with the rest of the world and end up losing a golden opportunity in this sector.