After the hard stance of Indian Central Bank, RBI, Crypto traders and exchanges have responded boldly requesting Indian Government to reconsider their decision of banning cryptocurrency in India. Petition Challenging the Cryptocurrency Ban in India Gets 17000 Signatures.
Digital Petition Getting More than 17,000 Signatures
An online petition at change.org has got more than 17,000 digital signatures in less than a week’s time stressing Indian Government to take the decision back.
Petition warns the government of the consequences it has to face after disconnecting themselves from Blockchain and cryptocurrency. The report further stresses that Government will witness a loss to its economy by shutting down the exchanges which are paying huge taxes.
Petition Challenging the Cryptocurrency Ban in India Gets 17000 Signatures
The report covers all the negative aspects that could potentially damage the country’s financial issues, joblessness and the results of not adopting contemporary technology trends.
Impact of Cryptocurrency Ban in India?
According to the filed petition, the ban will will hurt the job sector and bring joblessness. The petition demands the government to reverse its decision because a large number of youth will become jobless as a result of this ban.
“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 as not been able to improve the employment rate.”
Recommended Read: State Bank of Pakistan Bans Cryptocurrencies Transactions
Petition warns Govt of being left behind by disowning a competitive technology
The petition also highlights a bigger problem of Government’s decision that will keep India behind the rest of the world. Since every industry is turning to blockchain technology and making progress, India will be left behind if they abandoned it.
“Crypto and blockchain as a concept can’t be stopped. You can 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.”
Irony: Indian Govt. announce to create their own cryptocurrency
Reserve Bank of India, on the same day it banned cryptocurrency transactions, announced to produce their own cryptocurrency which seems to be an irony. Petition also specifies that RBI is stopping others to use cryptocurrencies and adopting it themselves which is a conflict of interest.
Crypto Exchange High-ups also turned up boldly
Beside the appeal, Indian crypto exchange high-ups also took a brave and bold stance by addressing the bank directly and asking them to reverse this decision. Nishcal Shetty, CEO of WazirX, said in his tweet “US, Japan, South Korea go towards regulating cryptos so that their country progresses while RBI decides to block Indians from getting involved in the crypto revolution. We need to think progressively, @RBI please reconsider this and let’s take a positive step forward”
CEO of Zebpay, Ajeet Khurana, also tweeted saying that there is no way he will shut down his exchange and he will keep facilitating his customers in the best possible way. He further said that he is studying the situation and come back stronger shortly.
The pressure is mounting on Indian Government and there is a chance that they will take the decision back as crypto traders are not accepting this ban and showing reservations. Amid this Chaos we are keeping a vigilant eye on the recent developments to keep you updated.