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Crypto Community Sends Letter, Crypto Kit To Indian Finance Minister

06 Aug 2019

Sohail Merchant, the founder of cryptocurrency exchange PocketBits, announced that, on behalf of the Indian crypto community, an open letter and Crypto 101 kit was being sent to Nirmala Sitharaman, the Minister of Finance.In a tweet Merchant said, “Open Letter and Crypto 101 Kit sent to  @FinMinIndia  @nsitharaman on behalf of the Crypto Asset Community of India. #WhosNext. The negative public perception of Crypto needs to be changed with facts.  Onwards! #BitcoinSahiHai #IndiaWantsCrypto  Follow  @BitcoinSahiHai for Updates.”Open Letter and Crypto 101 Kit sent to @FinMinIndia @nsitharaman on behalf of the Crypto Asset Community of India. #WhosNext
The negative public perception of Crypto needs to be changed with facts.
Onwards! #BitcoinSahiHai #IndiaWantsCrypto
Follow @BitcoinSahiHai for Updates. pic.twitter.com/6c10pZh3kk— Sohail Merchant (@inkparadox) August 3, 2019The annexures included in the kit touch upon some important topics such as adoption of crypto in the industrial field, Microsoft, an early adopter of cryptocurrency, HTC and notable use cases of crypto adoption across the world.The letter, touched upon, how the committee to regulate crypto came into being, and also talked about the idea to ban cryptocurrencies was based on the premise that they lack the characteristics of currencies and hence cannot be considered as legal tender.The letter further said, “The committee was inspired by China to propose a blanket ban and China has the most regressive outlook towards cryptoassets in the world. However, even China allows its citizens to exchange crypto assets among themselves. Exchanging, mining and owning cryptoassets is not illegal and does not violate any Chinese laws. Do we want to be more regressive than China, if the recommendations of the drafts are implemented, we will be the only country in the world with such extreme punishments for even holding crypto assets. ”The extreme punishment referred to in this letter, talks about the draft penned by the interministerial committee (IMC) which imposed stringent penalty on cryptocurrency holders and traders.A portion of the draft under Part II read, “No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India. Nothing in this Act shall apply to any person using technology or processes underlying any cryptocurrency for the purpose of experiment or research, including imparting of instructions to pupils provided that no cryptocurrency shall be used for making or receiving payment in such activity. Nothing in this Act shall apply to the use of Distributed Ledger Technology for creating a network for delivery of any financial or other services or for creating value without involving any use of cryptocurrency for making or receiving payments.”Liked what you read? Join us on Telegram

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