Cryptocurrency & India

Hello!

We have faced so much of it by now that the FUD doesn't stand like it's a FUD, anymore. There has been positive feedback mechanism from all the news that happens, everywhere. Our community has stood stronger than ever before. Each dip has made people think more about the next leap rather than keeping an eye on 'where is the bottom?'. No one would deny that most of the Trading Analysis failed and a lot many people made quite some loss.

On the contrary, there were many HODLers. They all kept their hands tight. Because, there is always someone on the other side to finish a deal. You sell it low, someone is definitely buying it low. You buy it high, someone is definitely selling it high. There always stands the other side in the market. Everyone loves profit!

The recent dip-wave (you can say that's a new term), did shook everyone. I am not an exception, but I had a gut feeling, this is just another dip-wave, as we have had earlier. I started bottom fishing. Now that I have quite some in my bags, a news that popped up, which we were all waiting for, turned unfortunate that The Reserve Bank of India bans Cryptocurrency. A lot went on for a few days. A lot of speculations. But no further clarifications and statements, instead our community instantly acted up on it strongly. As I write it, the current number of supporters for the filed petition (https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution) is 35,850+. This shows how strong we are. Fortunately, this move by the Government has increased the citizen's awareness more towards the Digital Assets and Cryptocurrencies. There are many in my circle of friends who knew I am already a part of this community, calling me up to know more about what is it?. I have been able to answer all of them satisfactorily, I assume. Since many of them now have their own cryptocurrency wallet, with at least $50 worth of ETH. This has actually glamourised the whole scenario. The more the people with these assets, the stronger the community and the voice even stronger.

As soon as it happened, another expected dip-wave was inbound; but fortunately our friends in the Middle East came up with the news that these Cryptocurrencies can now be termed 'halal' in their community and hence a huge spike of over $1000 within 30 minutes.

The RBI earlier came up with the Regulation and Taxation of these cryptocurrencies, which we were all happy with. In fact, we applauded the move that at least India understands the technology and it's use for the development and growth of the country. Unfortunately, such irrational crackdown on cryptocurrency would lead to demise of the hopes and expectations of the young entrepreneurs, start-ups, users, the youth of the nation; where they seek global workmanship and association with any individual in this universe. Not just this, the ban on exchanges for the niche community of Indian Crypto Enthusiasts might lead to the start of other illegal Over The Counter exchanges, which would then be even more harder for the RBI to track and regulate and tax.

I have also read many news articles and reports of RBI planning to launch it's own Cryptocurrency (or as they say, virtual currency). So, my suggestion would be, RBI should mandate all the exchanges to have their listed Digital Assets paired with the RBI Cryptocurrency. In which, the RBI Cryptocurrency Exchange would be just one for the nation (or how-so-ever may they plan) where users get to exchange their INR to RBI Cryptocurrency and withdraw them to the exchanges of their choice, whenever they want. And imagine this to be a circular operation, where people can then change it back to RBI Cryptocurrency and then withdraw the INR to their Bank Accounts.

I absolutely understand someone would have already give it a thought among the top level administrators. But the questions is, why not give it a try?

As a humble request, I expect the Hon'ble Finance Minister of India to think wisely once again and understand the possibilities of growth (or, otherwise, the lag in development) for such an amazing technology. I also understand that the Hon'ble Minister has accepted Blockchain Technology to be revolutionary and that it can be used in many sectors, but calling the cryptocurrencies illegal and irrational crackdown is what we down-vote, right away.

As a request, I urge the community here to please share some love and support by signing and commenting the aforementioned petition. Along with this, I would request you to please raise your voice, as louder and as stronger we can.

Wishing the community a great weekend ahead!

Enjoy with your friends and family!

Thank You!

PS: I know it's not absolutely a ban, but news articles like these have caused such impression. Plus, the three month grace period is enough for our exchanges to move their base to the other countries. They are already on it. But this move that we are aiming for, is to make the Government aware of the revolution they are opting to miss-out on.