On April 5, the Reserve Bank of India (RBI) announced a ban on all blockchain and cryptocurrency related activities and the completion of all related transactions. On the same day, a petition was published against this. Since the publication of the petition, 17 thousand signatures.
In the petition ask the government of India to support the blockchain and cryptocurrency space, especially since there are a lot of young people involved in this area. And if we put a general ban, then most of them, if not all of them, will simply remain out of work..
Tens of thousands of young people work for blockchain-related companies. This is a significant figure for the government, which is unable to increase the employment rate in the country. And if it does not take tough measures and does not come out in support of the blockchain, then India faces a new wave of unemployment..
One tech investor, Tim Draper, called the April 5 ban of the Reserve Bank of India a huge mistake. After all, it can lead to illegal cryptocurrency trading in India. In addition, due to the ban, the state may even lose potential profit from the activities of crypto-exchanges and provoke a sharp decline in rates in the cryptocurrency market as a result of a chain reaction to the ban..
The document talks about the inevitability of blockchain development on a global scale. It also calls on the Indian government to remain competitive in this area along with other countries to «don’t be left overboard».
It is clear that cryptocurrency and blockchain cannot be stopped. Everyone must make a decision for himself: either he wants to participate in this movement in full force, or he simply remains on the sidelines. The current position of the government suggests that it wants to stay on the sidelines. Skipping the internet revolution, then the AI revolution, now passing by the blockchain revolution.
It is also curious that immediately after the announcement of the ban on the same day, the RBI officially announced its interest in creating its own cryptocurrency. That is, the RBI wants to stop others, but at the same time take advantage of blockchain technology in its own interests..
Against the backdrop of all that is happening, there is information that so far not a single bank in India has suspended cooperation with local trading platforms..
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