Crypto enthusiasts in India have run out of patience with unsourced reports of the government’s alleged forthcoming crypto crackdown – and have challenged New Dehli to come clean with its intentions.
On Twitter, Indian crypto community members say that they are tired of the government allegedly leaking info to reporters about crypto “bans” – and want a high-level official to make the government’s stance on the matter clear at the earliest possible opportunity.
Speculation about a possible crackdown has been almost relentless in India for years now and has reemerged in recent weeks.
One exasperated observer wrote,
“Competitors of India will be secretly hoping India bans crypto. India is a strong competitor in the field of software. Banning crypto gives others an edge over the Indian software sector. I’m sure no elected MP would want India to lose [its innovative] edge.”
Many replied that they had taken up his call to contact their local political representatives – the hope of driving up resistance to the bill in parliament.
And Balaji Srinivasan, an angel investor and entrepreneur, the former Chief Technology Officer of crypto exchange Coinbase and General Partner at Andreessen Horowitz, hit out at the government, tagging Indian Prime Minister Narendra Modi in a post urging a policy u-turn.
“India should support crypto as a pillar of its foreign & domestic policy. It defends national security by preventing deplatforming, deters fraud via on-chain accounting and offers a decentralized alternative to a new Cold War.”
We are going with the assumption that it will be the same bill because the description of the 2021 Bill says words… https://t.co/kPJPp9EloR
— Naimish Sanghvi (@ThatNaimish)
As a community we need to spread more information around why India should positively regulate crypto
— Nischal (WazirX) ⚡️ (@NischalShetty)
I just emailed my constituency’s Member of Parliament (MP) on my views towards the impending Bill’s ban on cryptocu… https://t.co/6abwBNUNHc
— Sathvik Vishwanath (Unocoin) (@sathvikv)
@pushpendrakum govt is just banning crypto trading in India to create FUD so that all HODLers will sell their asset… https://t.co/RZ3erg1xwh
— Aditya (@_adityakumar_)
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