An online website has been developed jointly by Indian crypto trading and exchanging platforms for stopping the Government not to take any adverse decision against the industry. Warns government if crypto trading is banned then the protests will be taken on roads and streets. Protesters request the Indian Government to reconsider the decision regarding the crypto ban and urge not to pass any law contrary to their fundamental rights.
The Crypto industry in India is once again under the immense pressure of being banned a second time by the Indian Government.
Indian lawmakers have come up with the draft law relating to cryptocurrencies’ trading and exchanging. The proposed crypto law has been named “The Cryptocurrency& Regulation of Official Digital Currency Bill, 2021”. As required under Indian Constitution, the draft Bill has been presented to the Indian Lower House for debate and discussion. It is only when the draft law is discussed and debated by members of Lower House, that it will either be passed or rejected.
Indian Finance Ministry said that the demand for crypto’s integration into the financial systems is rapidly growing globally and within India. It is important therefore to bring this alternate source of income generation within the regulatory framework, particularly under tax net, said Ministry. There is a dire need to indoctrinate India’s own CBDC to keep India on the path of digitalization, added Ministry.
The concept of having its own CBDC i.e. Central Bank Digital Currency has been contained in the proposed Bill. However, the worst part of the Bill is that the Indian Government has proposed to impose a nationwide ban on crypto trading. The intention of imposing a crypto ban has sparked a wildfire amongst every crypto exchange and crypto owner within India. The entire Indian crypto industry has showed their discontent over the draft Bill. It was agitated that the Bill is against the fundamental rights guaranteed under the Indian Constitution.
It was argued by the community that the law will not serve any useful purpose as it amounts to sending India back into the dark ages. Furthermore, the world has realized that the crypto industry works as a deterrent against unwarranted circumstances such as Covid-19, argued community. It is therefore illogical to ban crypto trading when it can assist India to revive its economy, said crypto community members.
The Indian crypto community has initiated an online protest for which the country’s crypto exchanges have jointly provided funds for. The objective of the campaign is to urge the Indian Government to decline the idea of banning crypto trading. A chain of emails have been sent by crypto members to the members of the Indian Lower House from their constituencies. In the emails, senders have urged members to speak on their behalf during Parliament’s Session which is due this month.
Otherwise, the crypto community has threatened the Government to take the protest on roads and streets.