- March 25, 2019
- Posted by: giancarlo
- Category: News
The cryptocurrency community in India is uniting to voice regulatory suggestions as the Indian government is currently finding ways to regulate the crypto industry in the country. The recommendations from the community may possibly be included in a report to be submitted to regulators in the country, according to organizers of the event.
Crypto enthusiasts take to the road
Blockchained India, a group of cryptocurrency enthusiasts in the country, has been hosting a series of roadshow events in cities where it has members. The meetups are centered on the need for cryptocurrency regulation in India, and it is a preparation for a massive event to be hosted by the group in May called the “India DApp Fest.”
The group is expected to host four open town hall meetings during the roadshow. Three have already taken place, with one in Mumbai, Hyderabad, and Delhi each. The fourth one is expected to hold in Bangalore, India’s IT hub, on March 30.
Crypto News India quoted Manav Ailawadi, a key member of the group, as saying “So far, everything that has been happening on a national level (for crypto) has been about cryptocurrency exchanges, primarily. We wanted to unite the community which also includes investors, stakeholders, and developers, and make them a part of the conversation.”
The co-founder of the group, Akshay Aggarwal, tweeted on Friday that the roadshow trip is an important one as they aim to help people learn more about cryptocurrencies and help in regulating the space. He joined the crypto community to join the roadshow and help them express their opinions concerning crypto regulations in the country.
During an interview with news.Bitcoin.com earlier this month, Aggarwal revealed that crypto enthusiasts who couldn’t attend the meetings physically are sending emails regarding their ideas, all of which could be included in the report to be submitted to the regulatory bodies.
The Mumbai event last week was a major success. According to local reports, over 100 people participated in the roadshow, with 70 to 80 of them being founders of crypto exchanges and other companies in the crypto space. In addition to that, the event had in attendance lawyers, marketers, investors, researchers, and more.
A crypto enthusiast in India, Aman Kalra, after speaking at the event in Mumbai, tweeted that he shared his views on the possible regulations for cryptos in the country and how the community can play a role in the process. He added that it was a great experience talking to the emerging crypto community and he hoped the event would record future successes.
Crypto campaigns on the rise in India
Despite a lack of clear regulations in the country, the crypto community is convinced that Indians want cryptocurrencies. The chief of crypto exchange Wazirx, Nischal Shetty, while speaking at the Mumbai event, revealed that he started a Twitter Campaign in October last year with the hope of encouraging favorable crypto regulations. The campaign has now been around for over 130 days.
Shetty told the group that even though they didn’t select the RBI, they did elect the ministers who are tasked with making favorable decisions for them. He started the Indiawantscrypto campaign that calls on ministers in the country to help push for favorable crypto regulations.
This movement could benefit the crypto community in India as the government is currently working on regulating the cryptocurrency market. Late last month, India’s Supreme Court gave the government four weeks to finalize its crypto regulations. The court will afterward hear the petitions against the Reserve Bank of India for banning cryptocurrency banking in the country. The events in India over the coming weeks would be interested, and as the second most populated country in the world, a favorable regulation could boost crypto adoption in the region.