Removing the ban ordered by RBI to banks related to Cryptocurrency Exchanges.
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Dear Honorable Mister Finance Minister (India) Arun Jaitley Sir,
This petition is being moved by millions of common man of India like me against the order of 'ban on services provided by banks to Cryptocurrency exchanges' by Reserve Bank of India (RBI), which was ordered on 5th of April, 2018.
The order says that all financial institutions registered with RBI (mainly banks and financial firms) should not provide any support to exchanges and individual dealing in Cryptocurrency. RBI has given three months of time to banks to end this relationship. This step clearly means that RBI wants to end the Cryptocurrency in India. Although you should be knowing that it isn't possible sir.
While on the other hand, the irony repeats itself, RBI wants to bring a Cryptocurrency of it's own. This thing shows that RBI understands the importance and power of Cryptocurrency. RBI will adopt the blockchain technology in it's payment transaction which will bring transparency. And you know that Blockchain Technology means Bitcoin. So, when RBI knows that this Technology will bring revolution then why does RBI shows a negative view towards Cryptocurrency?
We completely understand the competition which our financial institutions will face after Cryptocurrencies enter the market but if we see the positive side then it will bring a healthy competition among the financial institutions in India. This thing will benefit the common man of India.
Our Honorable Prime Minister Narendra Modi sir focuses on Digital India and these Cryptocurrency and Blockchain technology will only help in making India more digital. We cannot neglect this point.
We understand these Cryptocurrency are being used for illegal work but aren't our fiat currency is being used for illegal work too. Did RBI banned the fiat currency? No, they made laws to protect. Same thing can be done for the Cryptocurrency world too.
During budget it was said that we will have to pay 30 percent tax on the profit earned through Cryptocurrency as the profit will come under capital gain tax. We were satisfied with that sir. We didn't opposed that decision. Although you can understand that 30 percent is a heavy tax. We were happy that this government supports the Cryptocurrency, although it was in an indirect way. But the ban by RBI has broken us completely sir.
It's a huge blow for people like us who work hard and save money and then invest little amount in Cryptocurrency world. The only way for us to invest in Cryptocurrency world were these exchanges only who are working legally sir. And now we came to know that these are also getting closed!
You should be knowing that IT dept went to raid these exchanges offices but I believe they didn't found anything illegal.
The best part about these exchanges is that we first have to provide our Aadhar card and Pan card details along with images of both for verification and then only we can trade. So you can understand how transparently these exchanges work.
Most important point which I see is 'Around 3 million Indians are part of the cryptocurrency world.' This will be a huge loss sir.
Please sir, understand the power of cryptocurrency and blockchain technology. Please help and support us. We want this order to be taken back. It is only you who can bring this order down. We will be waiting sir.
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