Campaign for PIL against RBI press release - Apr 05, 2018; creating crypto FUD in India

0 have signed. Let’s get to 500!


We believe that Blockchain Technology is here to stay and disrupt the tech & financial world in future. It is a technology that helps build decentralised structures, brings transparency and is more democratic than any other existing technology. We are pro blockchain and pro cryptos.

However, our Indian Government, has a different viewpoint. While they have never outrightly banned trading in cryptos in India, they have also never publicly advocated the use of it.

The Union Budget 2018 stated that crypto currencies cannot be treated as legal tender, and a subsequent mention by Secretary, DEA, Ministry of Finance, quoted cryptos as "crypto assets" and not "crypto currencies".

However a huge FUD was created when a press release dated April 05, 2018 on : Statement on Developmental and Regulatory Policies was published on Reserve Bank of India (RBI) website.

..................................................................................................................................

Extract of the RBI Press Release Dated April 05, 2018
 
13. Ring-fencing regulated entities from virtual currenciesTechnological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.

Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.

...................................................................................................................................

What we feel about Cryptos in India ?
 
We believe that cryptos are a revolution. They question the very existence of many financial systems existing for long. They question their relevance. They shift the balance of power from centralised authorities to the users of the financial systems. It democratises the users to select whichever form of financial trade they want to enter into. That's a fundamental right !Yes, we are NOT against the law, however, we believe that the people who are entrusted with creating regulatory frameworks for cryptos in India should take into cognisance the positives of this technology and not blindly equate blockchain / cryptos with MLM or ponzi schemes.

Our team is willing to offer pro bono support to assist the government in creating such regulatory frameworks which truly unlocks the value of blockchain / cryptos for Indians yet is within the limits of law.

.................................................................................................................................

Why this signature campaign ?
 
The purpose is to garner support from like minded people to enable the community to file a PIL against this Press Release by RBI.We want people who are willing to come forward and face RBI or other Govt bodies to explain and justify the use of Cryptos in India.



Today: Blockchain lawyer is counting on you

Blockchain lawyer needs your help with “www.blockchainlawyer.in: Campaign for PIL against RBI press release - Apr 05, 2018; creating crypto FUD in India”. Join Blockchain lawyer and 421 supporters today.