Indian platforms campaign to deter Centre’s expected ban on cryptocurrencies

NEW DELHI: Domestic cryptocurrency platforms are coming together to launch a new campaign meant to deter the Indian government from banning private cryptocurrencies in the country. The companies have launched a platform called Indiawantsbitcoin.org, which allows anyone to send an email to their respective Members of Parliament (MP), showing support for cryptocurrencies.

The platform contains a ready to send draft email, requiring users to simply select their state and district. The email expresses “delight” at the prospect of creating India’s own digital currency, but also claims that the country has 10-20 million crypto users and over 340 startups in the space. The platforms also said that trading volumes in India’s top crypto exchanges have grown by over 500% in 2020. According to data from market research firm Venture Intelligence, investments worth $24 million went into cryptocurrency firms in India in 2020.

The industry has been nervous since the central government announced plans to ban the use of private cryptocurrencies in India late last month. The same was announced via the agenda for the Budget session of the Parliament.