After the Indian Central Bank, RBI announced that it wouldn’t be anymore allowing the purchase of cryptocurrencies via banks or e-wallet, a Change.org petition namely “Make India at the forefront of Blockchain Applications Revolution” this week has gained over 17,500 thousand signature since going online April 5.
This is done in order to urge the Indian government to support the Blockchain and crypto sphere, specifically because it provides young people with jobs.
“There are tens of thousands of youth that have gotten jobs or employment with blockchain and relating companies. This is massive for a government which has not been able to improve the employment rate.”
Tech investor Tim Draper, says this ban by RBI is “a huge mistake” which could lead to an increase of irregular cash trading of cryptocurrencies in India. In addition, the ban could take away potential revenue to the government from crypto exchanges, and instigate a crypto market price drop “due to the knee jerk reaction in which prices got impacted”.
Also Read: Tim Draper Says Bitcoin Should Replace the Indian Rupee
“Crypto and blockchain as a concept can’t be stopped. You can just decide whether you want to participate with full throttle or get left behind. The current stance from government shows they would want to remain left behind after missing the internet revolution first, AI revolution next and now blockchain revolution.”
Many crypto experts and enthusiasts are now coming forward on social platforms to express their disregard the recent ban. Ajeet Khurana, CEO of Indian crypto exchange Zebpay, tweeted boldly on April 5 “no way I am stopping.”
No way I am stopping. We will continue to do what is best for our customers, and what is best for our country. Am studying the present situation and will react shortly. and we will emerge stronger.
— Ajeet Khurana (@AjeetK) “https://twitter.com/AjeetK/status/981891886263627777?ref_src=twsrc%5Etfw”>April 5, 2018
The petition also talks about RBI’s interest in creating their own digital currency, which was officially expressed the same day as the ban, April 5. The petition states the seeming irony that “RBI here wants to stop others and at the same time explore blockchain tech themselves.” Rumours were suggesting that the Indian Government may come up with it’s own cryptocurrency named Laxmi Coin.
In the light of this massive movement against the RBI ban, it should be expected soon that RBI might have to change its policies on ban cryptocurrency dealings again.
If you also feel that RBI should reverse it’s decision, sign this petition and make our voice strong.
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