Announce bitcoins and cryptocurrencies as legal
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.
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