Following widespread reports of the upcoming Indian cryptocurrency bill, the crypto community has started a petition for the government to quickly implement a regulatory framework for cryptocurrencies. In addition, a television network operated by the Upper House of the Indian Parliament has aired a program discussing the bill, and three Right to Information requests have been filed seeking answers about the bill.
Petition to Accelerate Crypto Regulation
Since details of India’s “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019” have emerged, there have been constant discussions about this bill, what it entails, and whether it is the bill that will be submitted to the finance minister. While two prominent local publications have claimed to possess information about the bill, many unanswered questions remain.
In an effort to stop speculation and FUD (fear, uncertainty, and doubt), Blockchain Lawyer founder Varun Sethi started a petition on Change.org on June 15 to the Department of Economic Affairs and the country’s central bank, the Reserve Bank of India (RBI). Anyone can sign the petition entitled “Implementing Regulatory Framework for Cryptoassets in India” and possibly help shape the crypto regulation in the country. At press time, 1,437 have signed the petition.
“This petition is neither sponsored by any specific blockchain or cryptoasset company / exchange / group in any manner whatsoever nor has any compensation being received from anyone to initiate such petition,” the petition reads:
The purpose of this petition is to engage the blockchain community and the government in a more democratic and engaging environment to accelerate the implementation of regulatory framework regarding blockchain and cryptoassets in India and relinquish the ambiguity which has developed around it.