Since the Indian government unveiled a draft bill to ban cryptocurrency, the crypto community has ramped up its efforts to influence the government’s final decision. The community has plans to reach out to parliament members to show them how flawed the crypto recommendations the government is examining are.
Fighting ‘Flawed’ Crypto Report
Ever since India’s Ministry of Finance released the long-awaited crypto report including the draft bill to ban cryptocurrencies, the Indian crypto community has ramped up its efforts to influence the government’s final decision.
“Different parts of the crypto community has been trying to make the government officials aware of the benefits of crypto from the last 24 months or more,” Nischal Shetty, CEO of local crypto exchange Wazirx, told news.Bitcoin.com. However, he said “the flawed crypto report suggests that the inputs from the community were never taken into account while preparing the report,” emphasizing that “Now, the entire crypto community of India is coming together and going in harder than before.” The CEO detailed:
We’re going to reach out to our elected members of parliament in India as they will be the final authorities to decide whether this report should be adopted.
“We want to ensure our ministers hear us out and understand that the report is flawed in multiple ways including the simple fact that it does not even classify crypto into assets, utilities and securities,” he continued.
There are many areas in the report that suggest that the committee either did not understand the fundamental concept of cryptocurrency or did not do enough research before producing the report and the draft bill.