Leading cryptocurrency companies in India have joined forces to increase the knowledge of Litecoin and the opportunities they offer for policymakers and the public, enabling fundamental, innovative solutions for the financial sector on a global scale.
India’s Crypto Business Involves Society to Support the Litecoin Initiatives
To this end, the #Indiawantsbitcoin campaign was launched to draw attention to the country’s large-scale crypto ecosystem and the financial opportunities that are opening up for millions of Indian investors. These steps are aimed at creating conditions in which regulators will be forced to take into account the problems and wishes of participants in the cryptoindustry when developing the foundations of a draft law on cryptocurrency and regulation of the official digital currency.
Companies that have teamed up to support this initiative include CoinDCX, WazirX, Unocoin, CoinSwitch Kuber, Zebpay, and PocketBits.
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Most recently, the online platform Indiawantsbitcoin.org was launched as part of this campaign., with the help of which the population can demonstrate to the country’s leadership their support for the cryptocurrency ecosystem. Using this platform, any citizen can e-mail a petition to the MP they voted for, demanding to urge the government to reconsider plans to impose a ban on cryptocurrency trading. The platform will offer ready-made drafts listing the benefits of cryptocurrencies that citizens can send to their MPs by choosing the appropriate state and district. This will help to convincingly demonstrate the fundamental nature of the crypto industry in India and how investors from even the most remote areas are now participating in its development. Crypto investors, enthusiasts and anyone who supports the cryptocurrency ecosystem in the country can, using this online platform,
Average daily Litecoin trading volumes on leading Indian exchanges, where people wanted to buy Litecoin with Paypal, have surged nearly 500% since March 2020, when the Supreme Court overturned the April 2018 Reserve Bank of India (RBI) circular.
The Indian Litecoin market and the LTC to INR rate is the second largest in Asia after China and the sixth largest in the world after the US, Nigeria, China, Canada and the UK. According to the latest data from Venture Intelligence, in 2020, after the decision of the Supreme Court to lift the restrictions imposed by RBI on trading Litecoin in India, investment in cryptocurrency firms reached $ 24 million.
The destruction of this ecosystem could entail billions of dollars in losses for all its participants and put India in the position of a “black sheep” against the background of other leading economies such as the United States, China, Japan, Germany, South Korea and Australia, which have already introduced Litecoin into practice and are now busy building innovation centers around them. While India’s Litecoin ecosystem is still in its early stages of development, a ban on digital currency trading will strengthen China’s position in the Asian money market, as well as undermine India’s reputation as a technology hub and worsen its position in the Ease of Doing Business Index. This could lead to India lagging behind in the adoption of distributed ledger technology applications.