The recent report on the confirmation of the ‘draft bill‘ to ban cryptocurrencies in India has created an atmosphere of tension in the investors. The rumors of the ‘draft bill’ which proposed penalties and punishment even for investors and service providers was earlier viewed as a hoax.
However, the rumors have turned out to be accurate, as the Inter-Ministerial Committee in India on Bitcoin has indeed implied a ban on cryptocurrencies.
India is the largest democracy in the world and has a population of more than 1.2 billion. Reportedly more than 5 million people are engaged in businesses with cryptocurrencies. Many crypto-influencers and lead proponents see this as a reason for huge concerns.
Anthony Pompliano, the founder of Morgan Creek Digital and leading crypto-influencer, tweeted,
We need to pay attention to what is happening in India around cryptocurrency regulation. I’m willing to fly to meet with lawmakers and regulators if someone can get me a meeting. Who can help?
Peter McCormack, early Bitcoin investor, and the lead proponent have agreed to join the party with ‘Pomp.’ He said, “I’ll join you on that flight.”
Furthermore, Reportedly, Charlie Shrem, a Bitcoin pioneer and founder of BitcoinFoundation.org, has set up an informal meeting with an Indian Senator or MP on the issue. He confirmed this via a tweet,
“Next month I’m sitting down with an Indian Member if Parliament for the majority party, sits on the committee of finance and defense. I’ll get the low down and release it on untoldstories.com”
While he did not mention any further details of the meeting, it seems an open dialogue is what is required at the Indian level. Nischal Shetty, the CEO of WazrirX crypto exchange, has been at the forefront of the issue on social media. He has also promoted the #IndiaWantsCrypto campaign. He tweeted about the IMC report, saying,
“…While the report is detailed, the committee recommends a ban on crypto in India. Regressive recommendation. I hope our Ministers form a standing committee of industry experts first.”
A couple of other Indian lawyers and crypto-influencers in India are also willing to support the meeting that Pomp and Charlie Shrem are trying to set up.
Do you think that an open discussion with the Government will help India’s cause with Bitcoin? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com