The Indian crypto exchanges have pooled their resources and launched a campaign to get support from as many members of parliament as possible for regulating cryptocurrency. The crypto law is due to be introduced in parliament shortly. It tries to ban Cryptocurrencies while creating a framework for the issuance of the digital rupee by the Reserve Bank of India (RBI).
Campaign of the Indian crypto industry to bring about positive crypto regulation
The Indian government plans to introduce the cryptocurrency law entitled “The Cryptocurrency and the Regulation of the Official Digital Currencies Act 2021” during the ongoing session of Parliament. The law aims to create a regulatory framework for the issuance of the digital rupee by the central bank, while “private” cryptocurrencies are banned.
In response to the government’s plan, the Indian crypto industry launched an online campaign on Thursday to convince as many representatives as possible about the crypto bill. A website has been created for the campaign where Indians can choose their constituencies and email their Lok Sabha representatives to help them introduce the law in parliament. Five email templates are provided.
The emails point out some 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, around 50,000 employees, and millions in venture capital.
After the country’s Supreme Court lifted the banking ban in March last year, “the crypto industry in India has seen a massive boom” and “over 20 million Indian citizens have trusted the crypto market by investing in cryptocurrencies,” one reads E-mail.
Another explains: “Cryptocurrencies do not replace INR or USD. They are digital goods, just like gold or silver. “An email addresses the“ private ”crypto part of the bill and states that“ popular cryptos like Bitcoin and Ethereum are not private. There is no company, no CEO, and no jurisdiction for them. “Another email confirms:
It is a false assumption that RBI, which creates its own crypto, will eliminate the need for other cryptocurrencies. Existing cryptocurrencies like Bitcoin, Ether etc. have their own specific use cases. Each blockchain needs its own native token to operate. INR cannot be used in such cases.
In the e-mails, MPs are also asked to take into account that “cryptocurrencies are legal and regulated in … all major countries in the world”. In addition, the emails refer to the guidelines of the Financial Action Task Force (FATF) and the G-20, stating that cryptocurrency is “a trillion dollar global industry with actors like Elon Musk, PayPal, the New York Stock Exchange, Blackrock and JP Morgan is attending. “
One email concludes that implementing “positive regulations will put India at the forefront in the global blockchain and crypto space”. It will also “make a significant contribution to the Prime Minister’s goal and vision of” India in its own right “(Atmanirbhar Bharat)” and “create a thriving Indian digital economy of $ 5 trillion by 2024”. Another email is:
If this law is passed, India will lag behind in crypto and blockchain technology and intellectual Indians will be forced to break free from India because of conducive regulations.
Do you think the Indian government will listen to the crypto industry and not ban cryptocurrencies? Let us know in the comments below.
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