Crypto-currency users in India launched a petition in which they claim that "the country should be in the forefront of the blockchain-revolution." More than 19 thousand inhabitants urge the authorities to develop a new ecosystem that can strengthen the local economy.
In particular, the signatories are against the "irrational" ban on operations with crypto-currencies for financial institutions, which the Reserve Bank of India (RBI) announced. So, on the eve of the department banned the controlled institutions to provide private individuals and companies with services related to digital currencies such as bitcoin.
A petition addressed to the central bank and Prime Minister of India, calls on the authorities to create a regulatory framework that will allow "crypto-innovation innovation to flourish, instead of strangling them." As an example, why the ban is inexpedient, the failed initiatives of the Uber ban in various cities of the world are given. The authors of the petition also note the "hypocrisy" of the Indian central bank, which earlier announced plans to issue its own digital currency.
The petition also notes that the current CEO of Microsoft and Google are immigrants from India, hinting that future generations of talented professionals can leave the country if local authorities do not reconsider their views on technological innovation.
In addition, the authors of the document note that the crypto-exchange exchanges in India are trying to comply with all regulatory requirements and comply with strict KYC standards. In conclusion, it is proposed to establish a constructive dialogue between the government and the central bank of the country.