WazirX Founder Explains Why The Government Has Been Anti-Crypto

Recently, the Indian government has come under a lot of international as well as national scrutiny due to its regressive proposal pertaining to cryptocurrencies. International businessmen such as Tim Draper have reacted to the proposed bill and as a result have condemned the government for stifling innovation.Nischal Shetty, who is the founder of one of the few running cryptocurrency exchanges in the country, WazirX has been campaigning for the regulation of crypto and the campaign hashtag, IndiaWantsCrypto has caught on like a wildfire.1/ Every Indian should know something very important about the Crypto events that are currently happening in India. There are corporate companies at work here who do not want India to ADOPT PUBLIC BLOCKCHAINS so that they can benefit and create their corporate monopoly in India— Nischal (WazirX) ⚡️ (@NischalShetty) July 26, 2019Regarding the ongoing scenario Shetty tweeted today, “Every Indian should know something very important about the Crypto events that are currently happening in India. There are corporate companies at work here who do not want India to ADOPT PUBLIC BLOCKCHAINS so that they can benefit and create their corporate monopoly in India.”While this came as a shock, but on further introspection, it does not seem too far-fetched. He further explained where the whole narrative regarding ‘Blockchain is good and cryptocurrency is bad’ stems from. He said, “The whole “Blockchain is good and Crypto is bad” narrative comes from corporate lobbying that is being done behind the scenes. These corporates do not think about the country or its people. All they want is monopoly and they will do whatever it takes to make that happen.”He stated, “Public blockchain without crypto is NOT POSSIBLE. Public blockchain is where YOU and everyone else can participate in the open financial world being built. Banning crypto is banning access to blockchain for the general public. Blockchain without crypto is private blockchain.”He said that, in the name of progress, corporates would sell private blockchain to the government and charge the latter. The government would use the citizens’ money to pay corporates, and the loser in this scenario would only be the citizens.While this is probably the first time, we have heard of this, it is nonetheless disappointing to know that this might purportedly the real reason why the government shot down the cryptocurrency bill, despite working with experts in the field.Liked what you read? Join us on Telegram