|| About today's RBI circular ||
Very rarely do we, as a nation, get an opportunity to participate in revolutionary technologies. These are once in a lifetime opportunities for a generation of people.
Blockchain/Cryptocurrency is one such opportunity that the young generation of India has had a chance to jump early into and adopt. We’ve been proud to be early adopters of cryptos as a country and we have a fighting chance at being in the forefront of this revolution.
However, the announcement today mandating banks to not allow people or businesses in India to deal with cryptos may push us back in time and make us all miss this golden opportunity. Knee-jerk reactions like these are what can cause the future generation to be left behind when the rest of the world moves ahead.
The very ethos of democracy is to involve the common people in critical decisions like these. Unfortunately, no one has bothered to involve any of us while deciding the fate of cryptos. There are many Indians who are not part of the government but who understand the underlying technology and it’s use cases very well. We could all have helped formulate a plan that would have avoided this harsh decision.
What they forget is that this is going to lead to:
- Massive wealth erosion of all the tax paying people who have invested their hard earned money in cryptos. The common people who diligently pay their taxes every year to the government are at the receiving end of this.
- This excludes India from the global crypto revolution.
- Thousands of Indians who may have quit their jobs because they have been earning well as crypto traders now have nowhere to go. They’ll be left without jobs, without a source of income.
- Gullible investors will now try to buy cryptos through cash and other OTC means where they would have no buyer protection and end up falling for scams. This will also make illegal trades almost impossible to track.
What can we do?
At WazirX, we’re hard at work on bringing more new features, more coins and more ways for you to trade. We’re going to make sure you continue to get the opportunity to trade in cryptos. We’re in this for the long term and we’re determined to build WazirX into the largest crypto exchange in India. It’s going to be trading as usual.
I would urge the Indian crypto sphere to come together and start figuring out a way to keep the crypto fire burning. We need to put our word across, we need to be heard so that the Government can take an informed decision and allow all of us to be a part of this revolution that is going to define our future.
At times like these, we need to stick together and have ONE VOICE that gets loud enough that the government steps in and hears us out. We are a democracy and we shouldn’t be dictated terms that we know aren’t right for us.
We’ll keep you updated on the developments and keep you informed like we always have. We’ve got your back, don’t worry about all the FUD and until there’s more clarity, stay strong and HODL!