Monday, April 22, 2019

Indian Exchange CEO Boldly Leads Crypto Regularization Movement

The scuffle to get the Indian government’s attention to cast a positive light on the cryptocurrency situation of the country continues, as Nischal Shetty, CEO of WazirX, a local crypto exchange, pulls the latest line from the attention-book by broadcasting an open letter.

Dear India, Pay attention

Shetty recently took to Twitter to draft out an open letter to one of the top lawmakers in the country in Arun Jaitley, who currently occupies the office of Finance Minister. Shetty’s letter follows a series of calls and clamor by crypto enthusiasts and traders against the non-friendly stance and policies that the Indian government has implemented, especially in 2018 alone.

Jaitley has been unabashed in his non-pro views about the cryptocurrency industry and has reiterated his opinions despite the Reserve Bank of India’s claims that digital currencies such as Bitcoin are not bounded by any law in India because they are not even recognized to begin with. This did not stop the RBI from imposing a national ban on local cryptocurrency companies in the country earlier this year though.

Shetty believes the ban is a deterrent to the developmental progress of India in general, as cryptocurrency should be considered in the same vein as several technological and developmental landmarks that have occurred across the years. If the downsides of electricity and automobile transport have not prevented the country from tapping generously into its benefit, then digital currencies and assets should be considered the same way. He wrote;

“Dear @arunjaitley, ”

“If fear of misuse ruled us then we would never have:

  1. Electricity for fear of electrocution
  2.  Cars for fear of accidents 
  3.  Cash for fear of black money

Yet we still have these because benefits outweigh the problems. Crypto is the same. Regulate & win.”

India Traders Taking Measures

Indian crypto traders and investors have found themselves taking necessary measures and actions in response to the ban. While the ban has made a good number of companies, and prospective startups to shut down and migrate to more crypto-friendly regions such as Malta, local Indians in the country have resolved to an online presence to ensure the Indian government pays the needed positive attention at last.

An online petition filed on already has more than 8,000 votes, with the government yet to budge. The online cry does not seem to end soon, however; With Shetty making a decrying statement that Indians would tweet “till we get a reply.”

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