India’s leading cryptocurrency companies have joined hands to educate and build greater awareness amongst policy makers and the public about cryptocurrencies and their scope to unlock deep financial innovation at a global scale.
They have launched the campaign #Indiawantsbitcoin that will put the spotlight on the already sizeable crypto ecosystem in the country and the financial opportunities it has created for millions of Indian investors with the hope that the regulators will look after their concerns while drafting the framework of Cryptocurrency and Regulation of Official Digital Currency Bill.
As a part of the campaign, Indiawantsbitcoin.org, an online platform was launched today, using which the public can show support for the cryptocurrency ecosystem to their leaders. Using the platform, anyone can email a petition to their respective Member of Parliament requesting them to urge the government to reconsider its plans of banning crypto currencies. The platform will contain ready to share drafts enumerating the benefits of cryptocurrencies that can be sent to their respective MPs by selecting their state and constituency. This will help illustrate the depth of the crypto industry in India and how investors from even the remotest areas are now participating in its growth. Crypto investors, enthusiasts and all those in favour of the cryptocurrency ecosystem in the country can go to the online platform and petition their MPs to support their cause in Indian parliament.
The average daily crypto currency trading volumes across the top Indian exchanges have grown by nearly 500% since March 2020, when the Supreme Court had struck down the Reserve Bank of India’s (RBI) April 2018 circular. India is the second biggest Bitcoin nation in Asia, after China, and the sixth biggest in the world, after the United States, Nigeria, China, Canada and the United Kingdom. As per the recent data from Venture Intelligence, investments worth $24 million have gone into crypto firms in 2020 after the Supreme Court’s decision to strike down RBI’s curbs on cryptocurrency trade in India.
Dismantling this ecosystem may result in losses worth billions to the entire ecosystem and will also put India in a peculiar position as an outlier while the other leading economies like the US, China, Japan, Germany, South Korea and Australia have already accepted cryptocurrencies and are building innovation hubs around them. While the crypto ecosystem in India is still at a nascent stage, banning the digital currency will strengthen China’s position in the Asian money market. Banning cryptocurrencies can also dent India’s reputation as a technology hub and its standing in the Ease of Doing Business Index. It could make India a laggard when it comes to adopting applications based on distributed ledger technology while China and Silicon Valley are making blockchains the center of their next big technology push.
The companies that have joined hands to launch this initiative include CoinDCX, WazirX, Unocoin, CoinSwitch Kuber, Zebpay and PocketBits.