by Rushali 
All Indian exchanges have started a joint initiative to convince parliament to regulate cryptocurrencies instead of imposing an outright ban.
Under the #IndiaWantsBitcoin campaign, the exchanges have launched websites – indiawantscrypto.net and indiawantsbitcoin.org – to help Indian citizens email their representatives at the Loksabha (the lower house of parliament) asking for positive and progressive regulation of the crypto markets.
The campaign was launched in the response to Government’s “Cryptocurrency and Regulation of Official Digital Currency Bill 2021,” which will potentially prompt the development of a digital rupee while banning “private cryptocurrencies.” While exactly what the bill means for cryptocurrencies like bitcoin and ether isn’t clear, but the industry has concerns.
This campaign is trending on social media, people are tagging their friends and family into it.
Nischal Shetty, CEO of the Binance-owned WazirX exchange, has said “Within one day, over 10,000 emails have been sent via indiawantscrypto.net from all parts of the country.” “It’s a critical moment, and all eyes are on India to find out if we’re for or against innovation.”
The email templates even show the positive uses of cryptocurrency and highlight the positive role cryptocurrencies can play in helping Prime Minister Narendra Modi achieve his aim of a “digital India” and “Atmanirbhar Bharat.”
“I am concerned that the prohibition of private cryptocurrencies might stun the growth of Digital India. With the world embracing cryptocurrencies, it would be regressive for India to be deprived of such once in a generation opportunity,” one email template says.
A potential ban would significantly affect the ecosystem, comprising 10-20 million cryptocurrency users, 340 startups providing related services, and direct employment to 50,000 Indians, another template says.
The Indian crypto industry has grown rapidly since the Supreme court has overturned the ban imposed by the RBI.
Sumit Gupta, CEO of the Mumbai-based CoinDCX exchange, has said that “As per the recent data from Venture Intelligence, investments worth a whopping $24 million have gone into various crypto firms from India in the year 2020.”
The ban will affect the whole crypto industry and many persons will lose their jobs.
