Recent media reports in India evoked panic as they suggested that using Bitcoin in the country was illegal pursuant to anti-money laundering legislation. However, the misunderstanding was corrected once it turned out the quoted Member of Parliament had been seeking more stringent digital currency laws by referring to Bitcoin as a “Ponzi scheme”.
As a result of the dubious stance of the government on the issue of cryptocurrency regulation, an online petition in support of legalizing Bitcoin has been launched by digital currency stakeholders.
The campaign, organized by Digital Asset and Blockchain Foundation of India, has addressed its request to Arun Jaitley (India’s finance minister), Urjit Patel (Governor of the Reserve Bank of India) and S Selvakumar (Joint Secretary of the Department of Economics Affairs Room).
The petition on Change.org reads as follows:
“Cryptocurrencies will be available irrespective and the illegal users do not care about its legal status. Please do not take hasty steps and prevent innovation, economic activity and jobs. This will only stop good uses of cryptocurrencies.”