Members of the crypto and blockchain community in India have dropped the apparent support of an influential member of parliament, following the publishing of a bill that would ban the industry entirely.
It has been reported that according to Bitcoin, Rajeev Chandrasekhar, the State Representative of Karnataka, has agreed to support India’s cryptocurrency community to sway national policy as a result of a vicious climate.
Chandrasekhar Meets with Crypto Industry Leaders
Rajeev Chandrasekhar is a member of India’s upper house of Parliament, the Rajya Sabha, as well as the ruling Bharatiya Janata Party (BJP). It was declared that he had agreed to help crypto entrepreneurs to tackle legislation that could ban their businesses, following a meeting with industry leaders including Nischal Shetty, CEO of the WazirX exchange.
Since the Indian government published the draft bill to ban cryptocurrencies, the crypto community has united to influence lawmakers that the bill is flawed in hope that positive regulation will be introduced instead. This week, the community has made remarkable progress, as its efforts have caught the attention of an influential member of parliament (MP).
However, Nischal Shetty said that Chandrasekhar gave “some great guidance on how to approach positive regulations” and called the development a “good step forward.” The lawmaker is himself an entrepreneur with extensive experience in the tech and financial sectors, having founded BPL Mobile in 1994 and Jupiter Capital in 2005.
Shetty also stated that Chandrasekhar “understands blockchain and crypto and how they’re innovative technologies.”
“He’s agreed to help us with the case for blockchain and crypto innovation in India.“ Nischal Shetty
The CEO said, “He’s given us some great guidance on how to approach positive regulations,” and recalled that “It’s a good step forward” for the “India Wants Crypto” campaign, that he started 320 days ago. On September 26, the hashtag “Indiawantscrypto” has been tweeted and retweeted over 56,600 times.
Chandrasekhar has also been on various parliamentary committees including defense, finance, telecom, urban development, GST, and real estate. Additionally, he has advocated and intervened on a number of issues including governance, regulatory reforms, policymaking, institution building, freedom of speech, net neutrality, privacy, the protection of children, and national security.
When Chandrasekhar helps to bring about positive crypto regulation in India, he opined:
” Massive win for us. Especially since he’s been a leader for achieving net neutrality in India previously. “ Rajeev Chandrasekhar
India Should Not Sit on the Sidelines
During a meeting on September 23, Chandrasekhar discussed how India should take action to not fall behind other countries.
However, Shetty stated:
“When other countries are innovating in this technology, India cannot be sitting on the sidelines.“ Nischal Shetty
Nischal Shetty, Founder, and CEO of WazirX
Thus, the Government of India is currently deliberating on the draft bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019.” It was submitted by an interministerial committee (IMC) tasked with studying all aspects of cryptocurrencies and providing recommendations. The committee was constituted under the chairmanship of former Secretary of the Department of Economic Affairs Subhash Chandra Garg.