India's Road Protests For Cryptocurrency To Influence Government’s Decision On Regulation

Cryptocurrency in India has experienced tumultuous past.

In April 2018, for example, India‘s central bank, the Reserve Bank of India (RBI), issued a directive in which it declared to withdraw its support for those dealing in cryptocurrency. A move that was later appealed against, but upheld by the Supreme Court of India.

In March 2019, the cryptocurrency communities across India are making their voices heard at a nationwide street protest, as they intend to draw up a joint report which is aimed to be handed to the Indian government.

The campaign was organized by one of India’s foremost blockchain communities, and see open town halls in four cities (Delhi, Mumbai, Hyderabad and Bangalore) throughout the month of March.

With people hitting the streets, efforts like these enable India’s cryptocurrency community to gather supporters and influence the regulatory environment.

According to Akshay Aggarwal, co-founder of Blockchained India, speaking to Bitcoin.com, the community received extensive interest in the events, with about 30-40 companies have signed up as speakers.

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Unocoin ATM
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"We have found Delhi and Bangalore to be the most mature ecosystems. The enthusiasm, especially in Delhi, is another level altogether. Though when you look specifically at enterprise blockchains, Hyderabad comes quite close to Bangalore. This is due to the initiative of the Telangana government to form a blockchain district."

Aggarwal also mentioned the road protests are occurring primarily as a result of the entire cryptocurrency house "represents a world totally different than we at the moment dwell in, a extra environment friendly one, a extra developed one. One that’s so totally different, that none of us is in a position to determine if it might straight do extra optimistic impression that the unfavorable. On prime of it, we don’t perceive it utterly, particularly its multifold results and we at all times worry, what we don’t perceive."

In another news, the Federal Bank of India has partnered with Ripple to facilitate international payments.

In an announcement to the Bombay Stock Exchange (BSE), the Federal Bank confirmed its partnership with the blockchain technology company, saying that the partnership will see the bank use Ripple’s blockchain solutions for cross-border remittances.

Shyam Srinivasan, Federal Bank MD and CEO, and John Mitchell, Senior VP at Ripple, signed the partnership agreement between the two parties.