Bitcoin had never had it easily in India, since government agencies had a clear anti-attitude towards the crypt.
This impression has now been strengthened after it was reported that Bitcoin is illegal and is to be expected with penalties. However, as it turned out, this was not an official, binding government decision. The report cites a member of the Parliament, who said that Bitcoin is a snowball system.
Even though Bitcoin is not illegal in India, the bitcoin community has been hostile to the government’s unclear attitude towards Bitcoin and Co.. As the past few months have shown, the country’s monetary policy is unpredictable (see the ban on cash) so that it would not be surprising if Bitcoin were declared illegal overnight.
To counteract this situation, an online campaign was launched calling for cryptic practices to be legally recognized by the government.
This is the first public campaign on bitcoin regulation. It is led by the recently launched Digital Asset and Blockchain Foundation of India. Your campaign is directly targeted to India’s finance minister and central bank chief.
The petition on change.org states that it is better to reduce the abuse (e.g., snowball systems) rather than forbid a future-oriented technology and thus harm the country and people in the long term.
Finally, a very large part of the Indian population does not have access to banking services, which would benefit particularly from cryptic payments. Distributed Leger Technology could also effectively counter the high level of corruption in the country.
At the time of writing, almost 9,000 online signatures have already been received. If you want to join, you can do this at change.org.
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