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 Industryâ€™s Campaign to Bring About Positive Crypto Regulation
The Indian government plans to introduce the cryptocurrency bill entitled â€œThe Cryptocurrency and Regulation of Official Digital Currency Bill 2021â€ 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 â€œprivateâ€ cryptocurrencies.
Responding to the governmentâ€™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 countryâ€™s supreme court lifting the banking ban in March last year, â€œThe crypto industry in India has experienced a massive boomâ€ and â€œover 20 million Indian citizens have trusted the crypto market by investing in cryptocurrencies,â€ one email details.
Another explains that â€œCryptocurrencies are not here to replace INR or USD. They are digital commodities, just like gold or silver.â€ Addressing the â€œprivateâ€ crypto part of the bill, one email notes that â€œpopular cryptos like bitcoin and ethereum are not private. There is no company, no CEO and no jurisdiction to these.â€ Another email asserts:
The emails also urge parliament members to consider that â€œcryptocurrencies are legal and regulated in â€¦ every major country in the world.â€ Furthermore, the emails reference the guidance by the Financial Action Task Force (FATF) and the G-20, noting that cryptocurrency â€œis 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 â€œpositive regulations will put India on the driving seat in the global blockchain and crypto space.â€ It will also â€œcontribute significantly to the Prime Ministerâ€™s goal and vision of â€˜self-reliant Indiaâ€™ (Atmanirbhar Bharat)â€ and bring about â€œa thriving digital Indian economy of $5 trillion by 2024.â€ 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.
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