Ban Cryptocurrencies, crypto ban bill, india crypto, india wants bitcoin, india wants crypto, indian crypto campaign, indian crypto regulation, private cryptocurrencies

Indian crypto exchanges have pooled their resources together and launched a campaign to gain support from as many parliament members as possible about cryptocurrency regulation. The crypto bill is listed to soon be introduced in parliament. It seeks to prohibit cryptocurrencies while creating a framework for the digital rupee to be issued by the Reserve Bank of India (RBI).

Indian Crypto Industry’s Campaign to Bring About Positive Crypto Regulation

The Indian government plans to introduce the cryptocurrency bill entitled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021†during the current session of parliament. The bill seeks to create a regulatory framework for the digital rupee to be issued by the central bank while prohibiting “private†cryptocurrencies.

Responding to the government’s plan, the Indian crypto industry launched an online campaign Thursday in order to convince as many representatives as possible about the crypto bill. A website has been created for the campaign to allow Indians to select their constituencies and send an email to their Lok Sabha representatives for their support if the bill is introduced in parliament. Five email templates are provided.

The emails point out several key facts about the Indian crypto industry, including that there are between 10 and 20 million active crypto users in the country, over 340 startups offering crypto services, about 50,000 employees, and millions of dollars in venture capital funding.

Following the country’s supreme court lifting the banking ban in March last year, “The crypto industry in India has experienced a massive boom†and “over 20 million Indian citizens have trusted the crypto market by investing in cryptocurrencies,†one email details.

Another explains that “Cryptocurrencies are not here to replace INR or USD. They are digital commodities, just like gold or silver.†Addressing the “private†crypto part of the bill, one email notes that “popular cryptos like bitcoin and ethereum are not private. There is no company, no CEO and no jurisdiction to these.†Another email asserts:

The emails also urge parliament members to consider that “cryptocurrencies are legal and regulated in … every major country in the world.†Furthermore, the emails reference the guidance by the Financial Action Task Force (FATF) and the G-20, noting that cryptocurrency “is a trillion-dollar global industry with players like Elon Musk, Paypal, New York Stock Exchange, Blackrock, J. P. Morgan participating in it.â€

One email concludes that implementing “positive regulations will put India on the driving seat 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 bring about “a thriving digital Indian economy of $5 trillion by 2024.†Another email reads:

Do you think the Indian government will listen to the crypto industry and not ban cryptocurrencies? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Indian Government to Set up Panel of Experts to Take a Fresh Look at Regulating Cryptocurrencies: Report

The Indian government is reportedly looking to form a new “panel of experts†to focus on ways to regulate the cryptocurrency industry in the country. “There is a view within the government that the recommendations made by Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total […]

Xem chi tiết: Indian Government to Set up Panel of Experts to Take a Fresh Look at Regulating Cryptocurrencies: Report

Former Finance Secretary Urges Indian Government to Encourage Crypto Services, Regulate Cryptocurrencies

Former Finance Secretary Subhash Chandra Garg, who headed the committee that drafted India’s cryptocurrency bill, says that the government should not ban cryptocurrencies but regulate them instead. He further urges the government to encourage crypto services. Indian Government Should Regulate Cryptocurrencies and Encourage Crypto Asset Services Subhash Chandra Garg said Thursday at a virtual event […]

Xem chi tiết: Former Finance Secretary Urges Indian Government to Encourage Crypto Services, Regulate Cryptocurrencies

Former Finance Secretary Urges Indian Government to Encourage Crypto Services, Regulate Cryptocurrencies

Former Finance Secretary Subhash Chandra Garg, who headed the committee that drafted India’s cryptocurrency bill, says that the government should not ban cryptocurrencies but regulate them instead. He further urges the government to encourage crypto services. Indian Government Should Regulate Cryptocurrencies and Encourage Crypto Asset Services Subhash Chandra Garg said Thursday at a virtual event […]

Xem chi tiết: Former Finance Secretary Urges Indian Government to Encourage Crypto Services, Regulate Cryptocurrencies

Quantum Fund Cofounder Jim Rogers Insists Governments Could Ban Cryptocurrencies

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, is still worried about governments outlawing bitcoin and other cryptocurrencies. “If cryptocurrencies become successful, most governments will outlaw them, because they don’t want to lose their monopoly,†he said. Jim Rogers Still Worried About Government Banning Bitcoin Renowned investor and George […]

Xem chi tiết: Quantum Fund Cofounder Jim Rogers Insists Governments Could Ban Cryptocurrencies

Quantum Fund Cofounder Jim Rogers Insists Governments Could Ban Cryptocurrencies

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, is still worried about governments outlawing bitcoin and other cryptocurrencies. “If cryptocurrencies become successful, most governments will outlaw them, because they don’t want to lose their monopoly,†he said. Jim Rogers Still Worried About Government Banning Bitcoin Renowned investor and George […]

Xem chi tiết: Quantum Fund Cofounder Jim Rogers Insists Governments Could Ban Cryptocurrencies

SEC Commissioner on Banning Bitcoin: ‘It’s Very Difficult to Ban Peer-to-Peer Technology’

SEC Commissioner Hester Peirce believes that the U.S. government cannot ban bitcoin, stating that “it’s very difficult to ban something that’s essentially a peer-to-peer technology.†The commissioner is hopeful that with the new chairman who has deep knowledge of bitcoin and cryptocurrencies, the SEC can take a fresh look at some of the reasons used […]

Xem chi tiết: SEC Commissioner on Banning Bitcoin: ‘It’s Very Difficult to Ban Peer-to-Peer Technology’

SEC Commissioner on Banning Bitcoin: ‘It’s Very Difficult to Ban Peer-to-Peer Technology’

SEC Commissioner Hester Peirce believes that the U.S. government cannot ban bitcoin, stating that “it’s very difficult to ban something that’s essentially a peer-to-peer technology.†The commissioner is hopeful that with the new chairman who has deep knowledge of bitcoin and cryptocurrencies, the SEC can take a fresh look at some of the reasons used […]

Xem chi tiết: SEC Commissioner on Banning Bitcoin: ‘It’s Very Difficult to Ban Peer-to-Peer Technology’

HSBC Changes Crypto Policy, Now Bars Clients From Buying Stock of Companies That Hold Bitcoin

HSBC has reportedly changed its policy regarding cryptocurrency. The bank now prohibits customers from buying the stock of public companies that hold bitcoin, like Microstrategy. All of the companies with bitcoin treasuries could be on the chopping block at HSBC. HSBC Now Bars Clients From Buying Crypto and Crypto-Related Stocks Like Microstrategy British bank HSBC […]

Xem chi tiết: HSBC Changes Crypto Policy, Now Bars Clients From Buying Stock of Companies That Hold Bitcoin

Indian Government Now Requires Companies to Disclose Cryptocurrency Holdings

Indian Government Now Requires Companies to Disclose Cryptocurrency Holdings

RBI Governor Says Government and Central Bank Agree on Cryptocurrency Approach

RBI Governor Says Government and Central Bank Agree on Cryptocurrency Approach

New Details About India Banning Cryptocurrency Emerge — Crypto Community Sees Mixed Messages

Indian Government Open to Exploring Cryptocurrencies — Finance Minister Offers New Clues About Crypto Regulation

Crypto Bank Expands in India — Confident Government Will Approve Legitimate Use of Cryptocurrencies

Indian Central Bank Informs Government of Major Crypto Concerns — Digital Rupee ‘Receiving Our Full Attention’

Other Articles