India’s leading cryptocurrency companies have come together to raise education and awareness among policymakers and the public about cryptocurrencies and their ability to unlock deep-seated financial innovation at a global level.
They have launched the #Indiawantsbitcoin campaign which will highlight the already huge crypto ecosystem in the country and the financial opportunities it has created for millions of Indian investors in the hope that it will look the regulators after their concerns while drafting the Cryptocurrency framework and Official Digital Money Bill Regulation.
As part of the campaign, Indiawantsbitcoin.org, an online platform was launched today, using where the public can show support for a cryptocurrency ecosystem for their leaders. Using the platform, anyone can email a petition to their MP asking them to persuade the government to reconsider their plans to ban crypto currencies. The platform will be ready to share versions calculating the benefits of cryptocurrencies that can be sent to their MPs by choosing their state and constituency. This will help reveal the depth of the crypto industry in India and how investors from even the most remote areas are now participating in its growth. Crypto investors, enthusiasts and everyone who wants the country’s cryptocurrency ecosystem can go to the online platform and petition their MPs to support their cause in Indian parliament.
Average daily crypto currency trading volumes across major Indian exchanges have grown by almost 500% since March 2020, when the Supreme Court struck down the April 2018 round of the Reserve Bank of India (RBI). India is the second largest Bitcoin country in Asia, after China, and the sixth largest country in the world, after the United States, Nigeria, China, Canada and the United Kingdom. According to recent data from Venture Intelligence, $ 24 million worth of investments have been made into crypto companies in 2020 following the Supreme Court decision to remove RBI loops on cryptocurrency trading in India.
Destroying this ecosystem could cost billions to the entire ecosystem and put India in a unique position as an outlier while other major economies such as the US , China, Japan, Germany, South Korea and Australia have already embraced cryptocurrencies and are building innovation hubs around them. While the crypto ecosystem in India remains at a higher level, banning the digital currency will strengthen China’s position in the Asian currency market. A ban on cryptocurrencies can also undermine India’s reputation as a leading technology hub and its position in the Ease of Doing Business index. It could weaken India when it comes to adopting applications based on distributed ledger technology while China and Silicon Valley make blockchain as the medium of their next big technology push.
Companies that have come together to launch this campaign include CoinDCX, WazirX, Unocoin, CoinSwitch Kuber, Zebpay and PocketBits.