Bitcoin is not illegal as per existing laws. As per
media reports, a parliamentary committee is setup to look into the future
legality of bitcoins and cryptocurrencies.
Cryptocurrencies offer India opportunities for
innovation and development.
Blockchain: It has been accepted worldwide
that blockchain technology will be the future for financial institutions.
Blockchain cannot work without allowing all parts of the industry - mining and
trading of blockchain tokens, that is cryptocurrencies.
Remittance: Potential for India to save US$
7 billion by using cryptocurrencies for inward remittances. Compare this to US$
2 billion budget of the Mid Day Meal scheme to feed 120 million poor
children.
Financial inclusion: Cryptocurrencies can provide
modern financial services to the poorest Indians at far lower costs.
Fintech Hub: With its status as a
tech hub, India has the potential to be a fintech hub by allowing innovation
in future fintech technologies.
We wish to develop a responsible industry around
this revolutionary technology.
Stop bad actors, not the technology: With
infrastructure technologies like the Internet, the smartphone and
cryptocurrencies, it makes far more economic sense to chase the bad actors (for
example, ponzi schemes) rather than shutting down the technology.
Cryptocurrencies will be available irrespective and
the illegal users do not care about its legal status. Please do not
take hasty steps and prevent innovation, economic activity and jobs. This will
only stop good uses of cryptocurrencies.
This petition will be delivered to:
- Finance
Minister
Mr Arun Jaitley - Reserve
Bank of India
Dr Urjit R Patel - Ministry
of Finance
Shri S Selvakumar
Let’s take a
step ahead to legalise the use of cryptocurrency. An innovation for every human
being.
https://www.change.org/p/finance-minister-mr-arun-jaitley-make-bitcoins-and-cryptocurrencies-legal
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