India has one of the world’s largest crypto crowds, with extensive investment in cryptos and other digital assets. The natives are technologically-inclined and love new ideas and creativity. The Asian country proposed a ban on private cryptocurrencies linked to promoting the coming government-issued digital currency.
The country’s relationship with cryptos like Bitcoin and Ethereum has been very controversial because historically, the country had banned the assets before a court verdict overruled that legislation. Indians could trade and hold the digital assets for a while before the government’s parliamentary proposed the banning.
It looks like crypto-related businesses in the region are displeased with the new move. The businesses are trying to convince the parliament concerning the outlawing of the blockchain tech.
Crypto entrepreneurs share their displeasure concerning the ban
The crypto firms would suffer significantly if the parliament finalizes the law, and that is why they are trying to change their minds. In January, the parliament shared its proposal with the citizens, and the bill would ban most private cryptocurrencies.
The bill also has a guideline for the government’s creation of the Central Bank Digital Currency, which many countries are gradually joining the trend. However, the proposed rule read that it would leave some digital assets to develop the technology. The bill did not explicitly share which digital assets are the exceptions, and this lack of clarity might be a problem for crypto holders.
Crypto-related businesses want the sector’s regulation and not the complete banning of the growing industry. Sohail Merchant, the top executive in Pocketbits, an exchange in India, revealed that there was an initial FUD in the industry when the public heard the news. He continued by saying that the initial FUD has subsided, and the industry is talking about how useful the digital assets are.
Crypto-related firms agitate for sector’s regulation
The exchange is a well-known trading platform in India, and it is a member of the Blockchain and crypto community (BACC) within the region. Pocketbits and other local exchanges have come together to get the parliament to regulate the sector instead of outlawing it. Soon after, CoinDCX, known as India’s largest crypto exchange, shared a Twitter post, which includes some benefits people can get from digital asset trading.
The group’s activities might have influenced a popular campaign on Twitter called ‘IndiaWantsCrypto,’ which has got the attention of many people globally, who also used the hashtag for solidarity concerning the ban. The campaign has a website, which is Indiawantscrypto.net, which also sent thousands of emails to the Indian parliament regarding the ban.
Other crypto-related firms like Crypto India shared on Twitter that Bitcoin is similar to the internet, and banning it now would be like banning it in the ’80s. Another crypto entrepreneur, Zakhil Suresh, said that the campaign got a lot of attention, and now the government is listening to their agitation.
The government’s Anurag Thakur said that the issue is crucial and that he sees the uproar on social media concerning the proposed ban. However, he added that the government would likely pass the bill at this juncture.