Indian Exchange CEO Asks Government to Regulate Cryptos
November 20, 2018 11:35 am
The CEO requested the minister to focus more on cryptocurrencies’ potential benefits rather than its limited misuse. Mr. Shetty claimed that every industry has its own problems and they shouldn’t be the reason to hamper innovation which could benefit the country’s growth.
If fear of misuse ruled us then we would never have:
1. Electricity for fear of electrocution
2. Cars for fear of accidents
3. Cash for fear of black money
Yet we still have these because benefits outweigh the problems
Crypto is the same. Regulate & win 🇮🇳
— Nischal (WazirX) ⚡️ (@NischalShetty) November 18, 2018
The current status of cryptocurrencies in India is not up to the mark. The Reserve Bank of India (RBI) stopped banks from working with all the local cryptocurrency companies. Mr. Jaitley also called Bitcoin as a Ponzi Scheme.
A group of Indian crypto companies led by Kali Digital Ecosystem filed a case in the Supreme Court of India against RBI’s decision. The case is still pending saying that the central bank’s delay in filing an official response. There have also been rumors that the Indian government is planning to launch its own cryptocurrency.
Mr. Nischal Shetty asked people to support his tweet by tagging Jaitley every day and demand cryptocurrency regulation. The movement has reached its 18th day, but no response from the finance minister has come yet.
Mr. Shetty said:
“We need to tweet to our minister every day till we get a reply. The more we tweet, the more chances of our voice being heard & crypto getting a positive regulation in India.”
According to the CEO of Wazirx, even if the government decides to ban the possession, it will be just impossible to implement it.
While RBI banned banks from working with Indian crypto exchanges, many exchanges launched Peer-to-Peer (P2P) trading so that the users can withdraw Indian rupees. Later on, Mr. Shetty tweeted that the response from traders for this service has been tremendous.