The Indian cryptocurrency community has reacted swiftly to the recent Reserve Bank of India (RBI) action against it, which directed all regulated entities including banks not to provide services to businesses dealing in instruments such as bitcoin. Both entrepreneurs and everyday users came out on various online forums and social media to explain the follies in the central bank’s approach.
Over 16,000 Indians have even already signed a change.org petition that was launched on the same day as the RBI directive. Addressed to the central bank, as well as to the Prime Minister of India, the petition calls on the country to adopt a framework which will allow cryptocurrency innovation to flourish instead of trying to stifle it. It points to failed attempts by cities around the world to block Uber as an example of why it wouldn’t work. The writers of the petition also point out the hypocrisy of the central bank for considering issuing its own digital coin.
The Next Digital Revolution
The petition appeals to the Indian government’s desire to improve the economic situation and asks the country not to drive away innovators with overbearing regulations. It points to the fact that the current CEOs of both Microsoft and Google are of Indian decent and could have built up local internet companies if given the chance, subtly warning that the next generation of tech talent might leave the country.
The writers also explain that cryptocurrency exchanges in India are very forthcoming with regulations and most already follow stringent KYC standards. They call on the government and the central bank to open a dialog with the companies to address any issues regarding this matter.