Recently, the Reserve Bank of India (RBI) required that all regulated entities, including banks, not provide services to companies that market financial instruments such as Bitcoin. Entrepreneurs and daily users have recently asked the central bank in various forums and social networks to explain their practices.
Even more than 16,000 Indians have signed a petition that began the same day the RBI issued the directive. This request to the Central Bank and the Indian Prime Minister requested the country to establish a framework that would allow the cryptocurrency innovation to thrive instead of trying to kill it.
The petition noted that cities around the world have tried to stop Uber as an example and explain why it does not work. The petition's author also claimed that the central bank is considering issuing its own cryptocurrency.
The petition appealed to the Indian government to improve the current economic situation and demanded that innovation technology not be suppressed by arbitrary regulation. The petition even pointed out that the current CEOs of Google and Microsoft are all Indians, and if there is a possibility, India could have established a local Internet company. Such suppression may even cause the next generation of talents of Indian technology to gradually leave.
The initiator of the petition that also mentions that India is encrypted currency trading is actually very standardized, and most have followed strict KYC standards, the governments and central banks were asked to dialogue with these companies, discussions on the matter Any problem.
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