The crypto industry has been at a tussle with the Reserve Bank of India ever since the apex financial regulatory body of the country ordered the commercial banks to prohibit catering to crypto companies. However, the industry won the battle on March 4, when the Supreme Court of India directed the RBI to lift the banking ban on the crypto industry. While this can be seen as a major victory for the Indian crypto community, is this really enough, or there’s a lot more for it to do?
Stressing on the fact that the SC judgment was not enough, popular pseudonymous crypto social media influencer Crypto Kanoon posted a video on Twitter last Sunday. In the video, the correspondent can be seen saying that 6-7 YouTubers and a handful of founders cannot simply take the industry forward, and the industry requires a joint effort by the entire community.
— KoinX (Crypto Taxes Simplified) (@getkoinx) March 8, 2020
“People are celebrating, and they should, but the work doesn’t end here. You cannot run from your responsibilities like this…. Where will the volumes come from? Can these few YouTubers bring the public and the volumes? No, they can’t! Everyone who is in this industry, even you who are watching this video, needs to ask themselves that aren’t they a part of this industry. They need to promote crypto among their families and friends.”
Crypto industry at large has been suffering through a battle with authorities across the globe, and the news coming from India will definitely bring some relief. However, it is absolutely true that simply getting access to banking services isn’t enough and the industry needs much more than that. India is a country with expanding internet userbase, and therefore the scope of crypto growth is exponential. Especially, the increasing number of users of digital banking is a great sign for the future.
That said, the industry certainly needs a concerted effort, not only from all the companies and developers but also from the users and community members in general. History bears witness that every revolution, be it political, social, or economic, comes by the efforts and struggle of the masses and not the elites. Hence, to bring a crypto revolution in India, the industry needs the common users to step up their game, engage more and more in crypto transactions, bring more and more acquaintances to the ecosystem, and to support emerging companies to establishing themselves.
The banking sector in the country is going through turbulent times, and the recent Yes Bank debacle is a testimony to the fact. This can be just the opening the industry needed, and if promoted organically, Bitcoin and other established cryptocurrencies can become great saving alternatives for the masses. And once Indians start parking their savings in the form of crypto, bulls will definitely come roaring back. Nonetheless, all of this depends upon the kind of efforts each and every member of the Indian crypto ecosystem takes.