People are fighting back after the Reserve Bank of India ordered financial institutions to sever ties with anyone dealing in cryptocurrencies.
In a 625-word petition on Change.org, cryptocurrency traders are crying foul. They’re calling out hypocrisy and gathering signatures to protest a crackdown that is being mounted under specious claims of protectionism in a bold move to highjack blockchain technology for the central bank.
The petition’s response is a plea to make India a technology leader that can retain its top talent, instead of a heavy-headed regulator that will drive leaders and innovators out of the country.
Highlights from the “Make India at the forefront of Blockchain Applications revolution” petition:
• RBI here wants stop others and at the same time explore blockchain tech themselves. RBI in the same circular has mentioned they are exploring creating their own currency.
• It’s not that a Google or an Apple gets created by a govt. It’s when entrepreneurs are provided the best possible launchpad when this happens. If as a govt you do not provide that – that’s when people like Sundar Pichai or Satya Nadella have to leave the country and they become creators for some other countries.
• This is massive for a government which has not been able to improve the employment rate. This story happened with the internet. Should not happen again with blockchain. As users who love blockchain tech and have invested thousands of hours into this let’s ensure we communicate or stance unequivocally to govt on this
• Crypto exchanges and blockchain companies have profitable business models and can give a massive share of revenue to the government who is welcoming
• 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.
In a statement, RBI said its plan is designed to protect consumers and shield them from risky investments.
12. Central Bank Digital Currency
Rapid changes in the landscape of the payments industry along with factors such as emergence of private digital tokens and the rising costs of managing fiat paper/metallic money have led central banks around the world to explore the option of introducing fiat digital currencies. While many central banks are still engaged in the debate, an interdepartmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency. The Report will be submitted by end-June 2018.
The RBI’s crackdown on cryptocurrencies is set to begin within three months.