On April 5, the Reserve Bank of India (RBI) announced the imposition of a ban to the blockchain and crypto currency on any activities related, and the completion of all relevant operations. On the same day, a petition against this was published. Since the publication of the petition in the network, 17,000 signatures have already been collected.
The petition asked the Indian government to support the blockchain and the crypto-currency area, especially in connection with the fact that many young people are involved in this area. And if you put a general ban, most of them, if not all, will simply be out of work.
Tens of thousands of young people work in companies that are associated with blocking. This is a serious figure for the government, which is not able to increase the level of employment in the country. And if it does not take tough measures and does not support the blockade, India faces a new wave of unemployment.
One of the techno-investors Tim Draper called a huge mistake the prohibition of the Reserve Bank of India on April 5. After all, it can lead to illegal trading of the crypto currency in India. In addition, as a result of the ban, the state can even lose potential profit from the activities of crypto-exchanges and provoke a sharp drop in rates on the crypto-currency market as a result of the chain reaction to the ban.
The document speaks of the inevitability of the development of blockchain on a global scale. It is also a call to the Government of India to remain competitive in this area along with other countries in order to “not stay out of the board”.
It is clear that the crypto currency and the blockchain system can not be stopped. Everyone must make a decision for himself: either he wants to participate in this movement in full force, or he simply stays away. The real position of the government says that it wants to stay away. Having missed the Internet revolution, then the AI revolution, now pass by the blockchain revolution.
It is also curious that immediately after the statement of the ban on the same day, RBI officially announced its interest in creating its own crypto currency. That is, RBI wants to stop others, but at the same time, use blockchain technology for their own personal interests.
Against the background of all that is happening there is evidence that so far no one in India has suspended cooperation with local trading platforms.