Indian cryptocurrency exchanges have pooled their resources and launched a campaign to get as many parliamentarians as possible behind the regulation of cryptocurrencies. A draft law on cryptography will soon be submitted to Parliament. It aims to ban the issuance of cryptocurrencies while creating a framework for the Reserve Bank of India (RBI) to issue digital rupees.
Indian crypto industry’s campaign to introduce positive regulation of the crypto industry
The Indian government is planning to introduce a cryptocurrency bill titled Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the current session of parliament. The bill aims to create a regulatory framework for the issuance of rupees by the central bank and bans private cryptocurrencies.
In response to the government’s plan, India’s cryptocurrency industry launched an online campaign on Thursday to convince as many MPs as possible to support the cryptocurrency bill. A website was created for the campaign. Indians can choose their constituency and send an email to their representatives in the Lok Sabha asking them to support the bill if it is tabled in Parliament. Five email templates are included.
The emails highlight some key facts about the cryptocurrency sector in India, including the fact that there are between 10 and 20 million active cryptocurrency users, more than 340 startups offering cryptocurrency services, around 50,000 employees and millions of dollars in venture capital funding.
After the country’s Supreme Court lifted the banking ban in March last year, the Indian crypto industry has seen a huge boom and more than 20 million Indian citizens have put their faith in the crypto market by investing in cryptocurrencies, according to one of the details in the letter.
Another explained that cryptocurrencies are not a substitute for INR or USD here. These are digital commodities, such as gold or silver. As for the crypto portion of the account, an email notes that popular cryptos like Bitcoin and Ether are not private. There is no company, no CEO, no jurisdiction for them. Another email claims:
It is wrong to think that RBI, by building its own cryptographic hardware, will make other cryptography discussions obsolete. Existing cryptocurrencies like Bitcoin, Ether, etc. have their own specific usage scenarios. Each blockchain needs its own token to function. The INR cannot be used in such cases.
The emails also invite members to believe that cryptocurrencies are legal and regulated in … every major country in the world. Additionally, the emails reference guidelines from the Financial Action Task Force (FATF) and the Group of 20, noting that cryptocurrencies are a trillion-dollar global industry with players like Elon Musk, Paypal, the New York Stock Exchange, Blackrock and J.P. Morgan.
A letter concludes that the implementation of positive regulation would put India in the driver’s seat in the global blockchain and crypto space. It will also contribute significantly to the Prime Minister’s goal and vision of a self-sustaining India (Atmanirbhar Bharat) and the creation of a thriving $5 trillion Indian digital economy by 2024. Another letter is read out:
If this bill is passed, India will remain in the crypto and blockchain space and smart Indians will have to be driven out of India for favorable regulations.
Do you think the Indian government will listen to the crypto industry and not ban crypto currency? Let us know your comments in the section below.
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