This year has witnessed the rise and fall of cryptocurrency valuation but the investor interest in the space has grown tremendously. We've seen a tremendous rise in mainstream media's interest in cryptocurrencies in India.
Ofcourse, new investors who burnt their fingers either by investing at the top and selling at a loss or buying into the false promises of a ponzi scheme based on cryptocurrencies are also amongst the rising number of people demanding regulation in this space from India.
But in the absence of cryptocurrency regulation there has been several uncertainties including raids on cryptocurrency exchanges, arrests and threats levied to exchanges operating in India. Cryptocurrency transactions largely moved to p2p methods to ensure the market keeps functioning.
However many exchange owners such as Nischal Shetty of WazirX have been at the forefront of asking RBI to withdraw its April 6th mandate banning banking services to exchanges. He has also been pushing for regulation and so have been many others.
The need for policy driven innovation in the blockchain technology industry in India is cannot be overstated. It can only lead to better things.
What can you do to support this rising movement asking government for a pro-cryptocurrency legislation?
You can tweet to government agencies on twitter with hashtags #blockchain #cryptocurrency #isupportcrypto and request them to bring a crypto-positive legislation which legalises businesses in this space as well as and trading of cryptocurrencies at the very least.
Earlier this year we've seen petitions supporting these causes as well. However, in order to keep the momentum going forward all of us from India interested in this space need to keep raising our voices through mediums such as Twitter to be heard.
Because without pro-cryptocurrency regulations blockchain technology and innovation is stifled because of restrictions from central bank and the government.
Good luck to all of us!
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