Sign the petition to Introduce Cryptocurrency Regulatory Framework in India
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Sign the petition to make the cryptocurrency market available for Indian Citizens providing GDP Growth, Foreign Investments, New Opportunities of Trade/Business/Education/Jobs. You can also participate in the making of cryptocurrency regulatory sandbox, link given at the end of the petition.
Cryptocurrency holds the potential for a complete transformation in almost every sector of the economy; ranging from trade to education and jobs. Streamlining cryptocurrency will also help in attracting global companies and investments, thereby resulting in an increased GDP. So, contribute your bit by signing this petition and helping in creating a conducive and regulated environment for cryptocurrency. You can also provide inputs for the suggested mechanism of the regulatory sandbox, for which the link is provided at the end of this petition.
It was mid 90s when globalisation hit the peak and India formulated comprehensive policies to keep up with the evolving commercial world. Although India was not at a very stable position back then, it was necessary at the time to not lose potential opportunities. Similarly, this era is dominated by technological advancements especially budding technologies like blockchain and cryptocurrencies.
Like the traditional financial markets and FinTech as well, cryptocurrencies are a part of DeFi (Decentralized finance). They tend to provide all the facilities that traditional markets offer including but not limited to lending/borrowing, trading and staking. However, the main difference is the functioning on a decentralized structure.
Even then, while other nations across the globe like Malta have specific laws to regulate cryptocurrency and are adopting a receptive approach towards these innovations, India is shying away from embracing them, why is India lagging behind? If anything the Government is averse to these technologies, completely sidelining the advantages.
In furtherance, RBI, through a circular dated April 6, 2018, restricted the banks from getting indulged with the cryptocurrencies. However, this ban was quashed by the Supreme Court this year which proved to be a blessing in disguise for the crypto market. But the judgement also opened avenues for questioning the regulatory mechanism pertaining to the crypto market. It also increased the discussions related to the absence of proper legal framework for the same.
Promulgating a proper regulatory framework would enable supervision on matters of safety and security of assets and funds, transparency of operations like trading and price discovery, comprehensive and timely disclosures on the cryptocurrencies traded.
Many governments have expressed fear as there is no central authority to regulate the exchange of cryptocurrency. One method is by issuing Central Bank Digital Currency (“CBDC”) which will be regulated and backed by the Indian government. CBDC would therefore have legitimacy and encourage the public to purchase/trade. It would have the ability to become mainstream (as it is backed by RBI) and help India become a cashless society.
Many countries like Sweden, China, Singapore, Canada and Switzerland are working towards adopting this method.
For complete examples and references: CLICK HERE
You can Participate in cryptocurrency regulatory sandbox formation: CLICK HERE
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