Cryptocurrency are banned in India. You cannot use your bank account to buy cryptocurrencies in India. However, there are people who tell their friends in countries with cryptocurrency as a legal entity to buy for them and transfer it in crypto wallet. Sure, they lose a couple of dollars as fees in exchanges and transfers, but who cares? Cryptocurrency return exponentially.
Forgot? Bitcoin started 2017 around $1000 and ended up at almost $20k. This historic bull run was an eye candy for many. With all this happening, a serious FOMO has hit Indian audience so that we can multiply our investment 20 folds. Soon this news caught fire and did not take time to further excite the Indian audience. But the excitement did not last long.
RBI (Reserve Bank of India) came up with a circular that declared cryptocurrencies as illegal entity. Sure there were a lot of debates and discussions in the Parliament. But eventually, Finance minister Mr. Arun Jaitley was not stoppable.
Fast forward to Nov’18
On Nov 18 2018, WazirX CEO Nishchal Shetty twitted to finance minister. This was not just a tweet, Nishchal is adamant and has bigger plans with this.
Let’s see what exactly is going behind these tweets and how is it churning out from this.
In a tweet made to the highest lawmaker in the country, CEO appealed to consider the potential of cryptocurrency.
With proper regulations, a lot of control can be gained against so called ‘black money’. Sure there is privacy in cryptocurrencies that will hide details that helps trace the fishy transactions. Considering this fact and the corruption in the nation, the finance minister has declared the cryptocurrencies as illegal.
While the finance minister has a valid point, people who’re into corruption or own black money would escape in a snip. Also, funding illegal activities would easily happen with cryptocurrency being legal.
But what Nischal has to say is that with proper regulations, cryptocurrency can be a really powerful weapon against black money and corruption.
Off Internet, a group of Indian crypto companies led by Kali Digital Ecosystems, filed a case in Supreme Court of India against RBI for their decision of banning cryptocurrencies.
Not going by this route, Nischal requested people to support his tweet by sharing it with their crypto enthusiasts friends and they further sharing with their friends. This way a lot of people would join this campaign and hence create pressure on deciding authorities.
This is what Nischal said in one of his tweets.
“We need to tweet to our minister every day till we get a reply. The more we tweet, the more chances of our voice being heard & crypto getting a positive regulation in India.”
Here’s the whole chain of tweets that are important for all Indian crypto enthusiasts.
Apart from this, if you run your thumb through his twitter feed you can find a lot of tweets appealing to retweet his tweets and share the campaign to more and more people.
Any developing nation would know the importance of a stable financial economy. A country like India should definitely consider cryptocurrency, of course with proper regulations, for the regular expenses. Sure, this move will affect a large portion of the nation immediately which will be really hard to manage.
But we’ve already had the experience of demonetization and have experience in this regards. The fiat Indian rupees will still be in use as a lot of Indian rural areas are still not connected to the Internet, which gives zero chance for them to know and use cryptocurrency.
Technically, we as a nation still have chance to educate people about cryptocurrency. With almost 35 plus percent population being under 30 years of age, cryptocurrency will pick up like a forest fire. That’s why in many of his tweets, Nischal has clearly mentioned to come up with proper regulations so that no one gets to misuse the blockchain technology’s finest application.
The ban has already created awareness among the youth which we can use to educate the older generation and rural crowd of the nation.
That being said here are some direct benefits cryptocurrency can have on India
- Corruption can be reduced to a great extent as more and more people adapt to bitcoin and other cryptocurrencies. Since the digitization is already booming in the country, adapting cryptocurrency will not take long.
- Black money will turn useless as it’s in very large amount and bringing it in the bank’s ecosystem would simply mean surrendering it to the Indian government. That’s the ultimate goal of Indian government behind digitization of payment. Initially, there will be a lot of centralization happening. But once the cryptocurrency gets into cash flow of the nation, decentralization will replace the traditional banking system.
- Since there will be less friction between rupee vs dollar, the economy will slowly rise. Furthermore, with more and more people rely on cryptocurrency and fiat slowly disappearing (chances are higher that this will happen faster, we have the highest youth population in the world) the inflation will also come down. Things we export will get cheaper as we have crossed the barrier of traditional USD purchase. On a larger scale, its just imaginable that how much money we will be able to save that we used to spend as fees. Imagine the number of small businesses that will grow in length and breadth.
This is just a few of many things cryptocurrency can do for a developing nation. I as an Indian youth request everyone who’s reading this to share this post and join the campaign for the betterment of our own tomorrow.
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Originally published at https://www.bitfolio.org/wazirx-ceo-tweets-finance-minister-india-regulate-crypto-india.