Indian crypto exchanges have pooled their resources together and launched a campaign to gain support from as many parliament members as possible about the upcoming anti-cryptocurrency regulation. The anti-crypto bill is listed to soon be introduced in parliament. It seeks to prohibit cryptocurrencies while creating a digital rupee framework to be issued by the Reserve Bank of India (RBI). The Indian government plans to introduce the cryptocurrency bill entitled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” during parliament’s current session.
Indian lawmakers plan to ban all cryptocurrencies.
“The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” seeks to create a regulatory framework for the digital rupee to be issued by the central bank while prohibiting “private” cryptocurrencies. The Indian crypto industry, in response to the anti-crypto bill, launched an online campaign Thursday in order to convince as many representatives as possible about the crypto bill. A website has been created to allow Indians to select their constituencies and send an email to their Lok Sabha representatives for their support if the bill is introduced in parliament. Five email templates are provided.
Indian crypto community comes together to campaign against the anti-crypto bill.
The email template prepared by the crypto community points out several key facts about the Indian crypto industry, including that there are between 10 and 20 million active crypto users in the country, over 340 startups offering crypto services, about 50,000 employees, and millions of dollars in venture capital funding. Following India’s supreme court lifting the banking ban in March last year, “The crypto industry in India has experienced a massive boom” and “over 20 million Indian citizens have trusted the crypto market by investing in cryptocurrencies,” one email details.