Indian crypto exchanges starts the #IndiaWantsCrypto campaign and joined together to avert or prevent any potential crypto ban.
Expecting the most exceedingly terrible from the Cryptocurrency and Regulation of Official Digital Currency Bill, India’s crypto exchanges start a novel last-trench endeavor to prevent a total crypto ban.
Follow coinexpansion at Twitter to support #indiawantscrypto or #indiawantsBitcoin campaign
Supporting the #IndiaWantsBitcoin hashtag, the exchanges have created sites – indiawantscrypto.net and indiawantsbitcoin.org – to help Indian residents email their Members Of Parliament (MP) in their respected Constituency at the Loksabha (the lower house of parliament) requesting positive and open-minded guideline of the crypto markets.
Many crypto exchanges, including WazirX and CoinDCX are running this hashtag (#IndiaWantsCrypto campaign) on Twitter to encourage Indian crypto investors to visit the indiawantscrypto.net and indiawantsbitcoin.org sites.
They also ask Indian crypto traders to send an email to the Member of Parliament (MP) and tell them their perspective on why India should not ban cryptocurrency.
The campaign is being shared across all social media, with followers tagging their friends and asking them to involve in the campaign.
Many startup founders and angel investors such as Sahil Lavingia, Rajeev Mantri, and Balaji S Srinivasan have already shown support and asked others to do so.
Not only this, but Congress MP Milind Deora had also supported positive regulation for crypto and spoken against the anticipated ban on cryptocurrency in India.
Nischal Shetty, CEO of the Binance-owned WazirX exchange has said that within one day, over 10,000 emails have been sent via indiawantscrypto.net from all parts of the country.
There are five email templates available on both websites that highlight the positive role cryptocurrencies can play in helping Prime Minister Narendra Modi achieve his aim of a “digital India” and “atmanirbhar bharat” (self-reliant India).
One email template says:
I am concerned that the prohibition of private cryptocurrencies might stun the growth of Digital India. With the world embracing cryptocurrencies, it would be regressive for India to be deprived of such once in a generation opportunity.
Another template mentions that a potential ban would significantly affect the ecosystem, comprising 10-20 million cryptocurrency users, 340 startups providing related services, and direct employment to 50,000 Indians.
Balaji S Srinivasan, Former Coinbase CTO, and Andreessen Horowitz general partner wrote an article on how crypto could safeguard national security, prevent de-platforming, attract international capital, strengthen monetary policy, deter financial fraud, accelerate technological development, and hasten India’s ascendance as a global power.
Is there a possibility of a complete Crypto ban – promote indiawantcrypto campaign?
Sources told CNBC-TV18 this week that the Indian government is planning a complete ban on crypto in India and will take the ordinance route for passing the bill.
In case you don’t know, ordinances are laws that are promulgated by the President of India on the recommendation of the Union Cabinet, which will have the same effect as an Act of Parliament.
They can only be issued when Parliament is not in session. They enable the Indian government to take immediate legislative action.
A summary of the bill says:
To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.
The bill also seeks to ban all private cryptocurrencies in India, however, it permits certain exceptions to promote the underlying technology of cryptocurrency and its uses.
CoinDCX cofounder Sumit Gupta recently tweeted mentioning that RBI has previously classified Bitcoin and Ethereum as private cryptocurrencies.
We are not sure if the government is planning a complete ban on crypto or not. But taking the long-held suspicion of crypto by the government into account, we can expect a complete ban.
That is why all crypto enthusiasm and cryptocurrency exchanges are trying their best to avoid this.