Domestic platforms launch campaign in support of cryptocurrency

Domestic cryptocurrency platforms have launched a campaign to show support for the digital asset and to deter the Centre from banning private cryptocurrencies in India.

This comes nearly a week after the central government announced plans to ban the use of private cryptocurrencies in the country. The government is also expected to introduce a bill aimed to create a framework for India’s own digital currency, which would be issued by the Reserve Bank of India. The bill will prohibit all private cryptocurrencies, including Bitcoin and Ethereum. There are also speculations that the government would probably take the ordinance route for passing the bill because of opposition to a complete ban on cryptocurrencies in India.

In a bid to create awareness and deter the government from passing the bill, local companies have launched Indiawantsbitcoin.org. This platform allows anyone to send an email to their respective Members of Parliament, showing support for cryptocurrencies. It contains a ready to send draft email, which requires users to simply select their state and district. The email expresses delight at the prospect of creating India’s own digital currency, but also claims that the country has 10 to 20 million crypto users and over 340 startups in the space. They highlighted that trading volumes in India’s top crypto exchanges have grown by over 500 per cent in 2020. Moreover, data from Venture Intelligence points out that investments worth $24 million went into cryptocurrency firms in India in 2020.

Also Read: Indian seafood exporters concerned about China’s aggressive measures

Nishcal Shetty, founder of WazirX, in a statement last week said that as an industry they are in sync with the fact that INR is the only legal tender in India and about crypto being an asset or utility that people buy and sell. Former Coinbase CTO and Andreessen Horowitz general partner, Balaji Srinivasan had also written a blog, as per Inc42, talking about why Indians should invest in Bitcoin. He claimed that enhanced adoption of crypto could safeguard national security, prevent de-platforming, attract international capital, strengthen monetary policy, deter financial fraud and accelerate technological development, and hasten India’s ascendance as a global power.