Indian cryptocurrency holders launched a petition against RBI’s recent guidelines regarding digital currency, according to a report in Inc42.com. The movement was started at Chagne.org that asked RBI and the prime minister of India to take back their circular. The petition is named “Digital Asset Exchanges of India” and ‘Make India at the forefront of Blockchain Applications revolution.’
The crypto investors have also asked fellow dealers to HODL, Hold Your Cryptocurrency, until the government comes up with a clearer picture.
As of now, 7.7 thousand people have signed the petition which reads, “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 the government shows they would want to remain left behind after missing the internet revolution first, AI revolution next and now blockchain revolution.”
Major Indian banks like SBI and HDFC had already started suppressing accounts of digital currency exchanges. Meanwhile, the Belfrics India exchange account was unexpectedly closed by ICICI Bank. Oriental Bank of Commerce also launched a circular to its branches to freeze accounts related to cryptocurrency exchange.
RBI has allowed three months’ time limit to the banks in order to settle operations with firms and individuals dealing in cryptocurrencies. The immediate effect of RBI’s decision was a colossal loss to crypto investors as the domestic market dropped down to a new low.
As the crypto investors are looking for a reddresal, founder of Coincrunch, Namish Sanghvi, has come up with few observations. He said that crypto related publications will close down. He also said that domestic crypto exchanges will have to adopt a crypto-to-crypto model but only if the Indian government allows them to change their system of operations.
Interested people will use illegal ways to trade in digital currencies.
On the other hand, the Central Bank of India has constituted an inter-departmental committee to discuss the possibilities of launching a new cryptocurrency. The committee will be submitting its report by the end of June 2018.
The cryptoban has also ignited the prospects of illegal crypto trade through the darknet. China is the latest example where people are still dealing with virtual money even after a complete ban over crypto mining and trading. Earlier, it was an opportunity for novice investors to understand the trading market but now it can be a playground for hackers and criminals.
N.S Nappinai, Advocate Cyberlaw Supreme Court said, “Even if you treat cryptocurrencies as your enemies, then it is advised to keep your enemy closer, under the ambit of certain rules and regulations.”
Earlier this year, zeebiz.com reported that Arun Jaitley, Finance Minister of India, declared government’s outlook on cryptocurrency as negative. He said that Indian government does not accept bitcoin as a legal tender.
It should also be noted that other countries like Switzerland are trying to use Bitcoin for their benefits by launching regulatory measures. It would be interesting to see if the authorities take a step back after getting a negative response from investors.