By Indians have always been considered a silent bunch of folks who go about their business in the most unusual styles. A country majorly known for spices, Bollywood actors, right-wing extremism and off-late space scientists has seen it all. Technology has evolved over the last few years. Indians are now considered one of the earliest adopters of early-stage products and technologies. It was no different for Cryptocurrencies. Millions of Indians traded cryptos after they realized the potential of a blockchain-based financial transaction. And hell they made lots of money trading them.
Mayhem followed soon after RBI issued diktats. Tendering cryptos were made illegal overnight in India. Crypto focused startups had to shut shop and they moved out of India. Blockchain supporters are currently fighting a legal battle in the Honourable Supreme Court of India. Till then the writing is on the wall for cryptocurrencies in India.
Rare developments
Who doesn’t know about the Indian version of “Who Wants to Be a Millionaire”. Amitabh Bacchan; host of the famous Indian reality show, “Kaun Banega Crorepati” gave cryptocurrencies a major boost in one of his episodes. A contestant on the show was asked about Libra; digital currency by Facebook. Amitabh Bacchan soon realised very few Indians still do not understand how these blockchain-based digital currencies work. It was then he decided to educate millions of Indians on his show about cryptocurrencies.
Amitabh Bacchan laid special emphasis on how they work and the benefits they bring. In the hot seat was Himanshu Dhuria who is training to be a commercial pilot at the age of just 19 years. Himanshu Dhuria is from Uttar Pradesh.
What happened next on this episode of Who wants to be a millionaire?
One of the questions in this episode was about Libra; the digital currency by Facebook. Himanshu was supposed to choose one from the 4 options; AI Camera, Messenger App, Cryptocurrency and Short Video Platform.
The Indian version “Kaun Banega Crorepati” is based on the same lines as that of its western counterpart “Who Wants to Be a Millionaire” where contestants are allowed the use of lifelines such as “50:50” or “Ask the audience” to help answer difficult questions. Himanshu answered the question without asking for lifelines. This is when Amitabh Bacchan started explaining in detail about cryptocurrencies.
Cryptocurrency is a form of digital and global money system — currency. Bitcoin, litecoin, [and] ripple are some existing cryptocurrencies.
Responses from Indian Crypto Community
The community seems to have got a boost and realise that millions of Indians are now educated about cryptocurrency thanks to “Who Wants To Be A Millionaire” and Amitabh Bacchan. CEO of Wazirx; one of the limited crypto startups still offering exchange facilities to Indian users talked about its importance through one of his tweets immediately after the show aired. Bitbns too had similar thoughts.
“Kaun Banega Crorepati’ is one of the most-watched shows in Indian television history. Viewership was close to 250 million in 2017 as per the data obtained from Indian internet major Rediff. KBC happens to be the 2nd most-watched show in Indian history. Danny Boyle’s multiple Oscar-winning movie, “The Slumdog Millionaire” was also based on the concept of “Kaun Banega Crorepati”. Almost every famous celebrity has appeared on the show as contestants to raise funds for charities.
Way Forward for the Indian Crypto Community
The community is calling for positive regulations in front of the Honourable Supreme Court of India currently. A draft bill was proposed on 22nd July 2019 and the backers have highlighted discrepancies within the same. Crypto community has garnered the support of major industry associations like NASSCOM and IAMAI. IAMAI has been an unflinching supporter and even filed a writ petition against the banning of cryptocurrencies in India by RBI.
There is political support of some kind as well after one of the finance secretaries put Crypto in a positive light in his fintech report submitted to Nirmala SItharaman; the Indian Finance Minister. The report adds that “Use of digital tokens resolves the issue of multiple currencies, improves liquidity and capital compliance costs, allows for micro-payments and expedites the payment process, which further eliminates liquidity risks.” It further states that “The mechanisms surrounding cryptocurrencies, particularly the blockchain and initial coin offerings (ICOs), are revolutionizing the global fintech landscape.”
For now, the community is preparing for legal hearings in the Honourable Supreme Court of India which begins on 25th September.
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