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Petition in Response to RBI’s Statement Gains 18,000 Signatures

According to RBI’s official statement delivered on 5th April 2018 by BP Kanungo, the Deputy Governor of RBI, the entities which are regulated by RBI wouldn’t be allowed to provide services related to cryptocurrencies to customers.

The statement had thrown crypto enthusiasts and investors into disarray as to what they should do with their investments. Apart from all of the confusion, there was quite an outrage in the crypto community about RBI’s statement since everyone was, quite obviously, unhappy with the statement.

Amidst the outrage regarding the statement, a petition was launched on Change.org to “Make India at the forefront of Blockchain Applications revolution”. As of today, the petition has over 18,000 signatures.

The petition appeals to the Indian government to support Blockchain and cryptocurrencies. While the petition lays down multiple reasons for the government to support their cause, one of the most prominent reason was the fact that the crypto sphere actually provides young people with jobs.

According to the petition,

“There are tens of thousands of youth that have gotten jobs or employment with blockchain and relating companies. This is massive for a government which has not been able to improve the employment rate”

The petition also notes that globally Blockchain development is inevitable and asks the Indian government to stay competitive with the other countries regarding this issue as well instead of just leaving it behind. The petition says,

 

“Crypto and blockchain as a concept can’t be stopped. You can just decide whether you want to participate with full throttle or get left behind. The current stance from government shows they would want to remain left behind after missing the internet revolution first, AI revolution next and now blockchain revolution.”

We have already seen how the cryptocurrency exchanges in India have reacted to the statement. With so much happening in the world of cryptocurrencies, it could be a daunting task to keep track of everything. So follow us on Instagram to stay updated and leave the daunting task to be done by our team!

 

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.