There’s a growing movement among the YouTube crypto community in India after RBI’s announcement on the restriction of cryptocurrency in India.
Last week, RBI stated in a press release: “Virtual Currencies (VCs), also variously referred to as cryptocurrencies and crypto assets, raise concerns of consumer protection, market integrity, and money laundering, among others… Given the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs,”
After the release of this statement, crypto communities and exchanges in India came forward, urging RBI and the government to regulate cryptocurrencies, rather than restricting them. Bitbns urged it’s users to make their voice heard with the petition. Already 28000+ people have signed it.
While the RBI and the government have taken this issue lightly, popular YouTubers such as Earn with RK, MoneyGuru, and Earn with Sapna have collaborated, deciding to take the movement online. They named it “Biggest Youtube Collab To Get Crypto Legal In India.”
This is one of the most significant online collaborations that has ever happened to make cryptocurrencies legal. The YouTubers will be live, along with experts, at 9 pm on 13th April 2018.
Impact of RBI’s decision
There are hundreds of thousands of youth whose livelihood depends on digital assets in some form or the other. Many have bought mining equipment on loan and would be unable to pay EMIs if crypto’s access to banking is restricted.
Similarly, over 5 million people are engaged in digital asset trading in some form or the other. This is especially pertinent when the employment rate is increasing, and the government is not able to provide jobs to the youth. When entrepreneurs are bringing innovations to put India at the forefront of the blockchain revolution, which has the potential to become more significant than the internet revolution, the government needs to welcome this with both hands. Instead, we see a slightly pessimistic stand by the government. Is this is the Startup India, Digital India, and Make in India that the government wants to portray?
It’s perhaps no wonder that India ranks beyond the three-digit figure in ease of doing business. The government has a chance to change all that in one sweep, and the exchanges and law abiding citizens of the country are willing to comply. They’ll make all the effort it takes to put India at the forefront of blockchain revolution.
In the name of the blockchain, let us all unite and create a long digital human chain—to block anything that stops us from being the adopters of this revolution.