As per the recent reports, the Indian cryptocurrency exchanges are sharing their resources and expertise to launch a campaign against the crypto-ban bill. The Indian cryptocurrency exchanges are reportedly getting in touch with as many members of the parliament as possible to gain their support.
Their main goal is to gain enough support from parliamentary members so they can back them up with the campaign against the new regulation. If the new cryptocurrency regulation is passed at the parliament, it would seem that cryptocurrencies will be banned in India.
While banning cryptocurrencies, the bill also proposes a framework that will be used to design and launch digital rupees in the country. The bill proposed by the Reserve Bank of India states that it will be responsible for the creation and launch of the digital rupee.
The name of the new bill that has been proposed by the regulators is titled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021”.
If the new bill is passed, the regulation will see the cryptocurrencies prohibited in the country and the introduction of the digital rupee by the RBI.
Following the bill proposed by the parliament, the cryptocurrency exchanges operating in the country have also launched their campaign. The cryptocurrency exchanges in India aim to convince the parliament and regulators to introduce positive and flexible laws for the crypto-industry.
It has been revealed that the campaign has been launched by the collective efforts of the exchanges and came into effect on February 4, 2021. The core purpose of the campaign is to convince as many government representatives and oppositions around the potential of the crypto-industry.
They are aiming to convince people that the proposed bill would not be an effective solution to cryptocurrencies. The new bill aims to prohibit cryptocurrencies while it benefits only the government sector with the launch of the digital rupee.
In order to carry out the campaign, the crypto-exchanges have launched and dedicated a website just for this purpose. On the website, the Indian citizens would be able to choose their constituencies. Once the constituency is selected, the users will then be able to send an email over to their representatives at Lok Sabha. In the emails, they would be able to add whether they support the bill or not and what they feel about the bill presented by the crypto-industry.
The emails being generated carry very useful and enlightening information around the crypto-industry and adoption in India. The emails suggest that at present, there are around 20 million cryptocurrency users in the country. Furthermore, there are more than 340 cryptocurrency startups in the country that have employed more than 50,000 employees.
Most importantly, the cryptocurrency industry has the potential to bring in almost a billion-dollar worth of revenue for the government.