The big cryptocurrency exchanges of India have launched the #IndiaWantsBitcoin campaign to raise awareness regarding cryptocurrency.
The Indian government is expected to propose a “Cryptocurrency and Regulation of Official Digital Currency Bill 2021,“. The government has the plan to develop their own digital rupee while banning the ‘private cryptocurrency‘. The financial industry of India is unsure about the future of bitcoin in this scenario.
India, the world’s second-biggest country in terms of population, has a well-established crypto ecosystem. Millions of Indians are crypto investors. Moreover, there are multiple crypto exchanges already running in the country. In this situation, the outright ban on cryptocurrencies will be detrimental for both individuals and institutions.
The Indian crypto companies have launched an online platform ‘Indiawantsbitcoin.org‘ as part of their campaign. Through this platform, people can send an email petition to their respective MP with the request for reconsidering the crypto regulation bill. The draft emails on the site contain the list of benefits of cryptocurrency.
Aim of #IndiaWantsBitcoin:
The aim of the campaign is to educate policymakers on the potential of cryptocurrency. Leading crypto companies of India believe that growth of the crypto market in the country will bring innovations in the financial arena.
The average daily crypto trading volume on top Indian crypto exchanges has increased by 500% since March 2020. Besides, the country is the second-biggest bitcoin nation in Asia and the sixth biggest in the world.
Ban on crypto in India will have an impact on the crypto ecosystem everywhere. Additionally, individuals and companies within the country will lose billions of dollars. Therefore, crypto platforms like CoinDCX, WazirX, Unocoin, CoinSwitch Kuber, Zebpay and PocketBits have joined hands to launch #IndiaWantsBitcoin campaign. The fate of crypto in India will be clear in the coming months.
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