Members of the crypto and blockchain community in India have hailed the apparent support of an influential member of parliament, following the publishing of a bill that would ban the industry outright.
According to news.Bitcoin.com, Karnataka state representative Rajeev Chandrasekhar has agreed to support India’s cryptocurrency community to sway national policy amid a hostile climate.
Chandrasekhar is a member of India’s upper house of Parliament, the Rajya Sabha, as well as the ruling Bharatiya Janata Party (BJP). It was revealed that he had agreed to assist crypto entrepreneurs to combat legislation that could outlaw their businesses, following a meeting with industry leaders including Nischal Shetty, CEO of the Wazirx exchange.
Shetty said Chandrasekhar gave “some great guidance on how to approach positive regulations” and called the development a “good step forward.” The lawmaker is himself an entrepreneur with extensive experience in the tech and financial sectors, having founded BPL Mobile and Jupiter Capital.
Shetty asserted that Chandrasekhar “understands blockchain and crypto and how they’re innovative technologies.”
India’s Parliament recently made known that lawmakers have drafted a bill that would undo much of the country’s crypto community, with tight restrictions and even jail sentences.
Shetty let on that Chandrasekhar, who previously championed net neutrality in the country, understands the severity of the situation and the opportunities India could miss out on if a ban is imposed.
Initially, the parliamentarian is to help crypto businesses connect with other state officials and influencers and engage them in talks.
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