A Change.org petition for “Mak[ing] India at the forefront of Blockchain Applications Revolution” in response to the Indian central bank ending all dealings with crypto-related accounts this week has gained over 17,000 thousand signature since going online April 5.
“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.”
According to the petition, the Reserve Bank of India’s (RBI) April 5 ban – which tech investor Tim Draper had recently called “a huge mistake” – could lead to an increase of irregular cash trading of cryptocurrencies in India. In addition, the ban could take away potential revenue to the government from crypto exchanges, and instigate a crypto market price drop “due to the knee jerk reaction in which prices got impacted”.
“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.”
In addition to the petition, resistance to the ban was also seen from individuals inside the community. Ajeet Khurana, CEO of Indian crypto exchange Zebpay, tweeted boldly on April 5 “no way I am stopping.”
The petition also mentions RBI’s interest in creating their own digital currency, which was officially expressed the same day as the ban, April 5. The petition states the seeming irony that “RBI here wants to stop others and at the same time explore blockchain tech themselves.”