Indian Community Petitions for Faster Crypto Regulation

Indian Community Petitions for Faster Crypto Regulation



Indian Community Petitions for Faster Crypto Regulation

Bitcoin.com reports that a gathering of crypto communities in India are now petitioning their government for faster clarification of crypto regulation. This comes after widespread reports and rumors about an upcoming Indian bill to ban crypto.

The Upper House of the Indian Parliament has also reportedly used its television network to broadcast a discussion of the bill as three Right to Information (RTI) requests are filed to the government. Blockchain Lawyer founder Varun Sethi has apparently started a petition on Change.org yesterday, addressed to the Department of Economic Affairs and the Reserve Bank of India (RBI), the central bank of the country.

The “Implementing Regulatory Framework for Cryptoassets in India” petition hopes to push the government to hasten its process to come up with crypto regulations and hopes to also help form the initial frameworks. It is an independent one that claims to have no private sponsorship or hopes of compensation. It reads:

“The purpose of this petition is to engage the blockchain community and the government in a more democratic and engaging environment to accelerate the implementation of regulatory framework regarding blockchain and cryptoassets in India and relinquish the ambiguity which has developed around it.”

At the time of writing, 1,581 people have signed the petition within a day, which hopes to garner 2,500 signatures.

Sethi has been an active advocate for crypto in India, and the originator of the last RTI related to the crypto bill, as last reported by Bitcoin News. The RTIs, while quickly responded to, have yet to be very helpful in clear answers, however, with the last one resulting in a denial from the central bank about any involvement with the bill.

 

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