Recently, the Inter-ministerial committee submitted a report in which the banning of cryptocurrencies was recommended. According to the report, this would maintain the long-standing punishment of the use of cryptocurrencies in India.
The committee which was headed by the Secretary of the Department of Economic Affairs (DEA), Subhash Chandra Garg, maintained a good stance about the implementation of the Blockchain technology in the country and also the use of digital currencies specifically backed by the Reserve Bank of India (RBI).
As the country seemed to show substantial support for the use of RBI-backed digital currencies and blockchain solutions, there still exist the laws and regulations which subject cryptocurrency users to a long-term jail sentence of about 10 years.
The rumor about the IMC report had been in the air for a while before finally finding itself into mainstream media when the Indian government released an official statement on the matter.
At the time of writing this report, the Twitter crypto community has made a show of disagreeing strongly with the notion and has voiced out several opinions in the process. However, this might have only a little effect on the national decision made by a country like India.
Some of the expert’s opinions which radically go against India’s bias against cryptocurrency laws include:
Ajeet Khurana – CEO Zebpay:
The Chief Executive Officer of Zebpay, Ajeet Khurana, a supposed crypto influencer with great popularity among the India policymakers claimed to have spoken to Indian officials on the issues of blockchain and cryptocurrencies often. And this time, he tweeted to inform the Indian government of the depravity of banning crypto in India. According to Ajeenat,
“I have talked to most of the cryptocurrency decision-makers in the Indian establishment and know that they are brilliant people with the best interest of India at heart. I implore them to avoid denying India its rightful place in history.”
Anthony Pompliano – Co-founder & Partner at Morgan Creek Digital:
More commonly known as Pomp on Twitter, Pomplianoexpressed his disappointment and laid down the request of wanting to meet with regulators in India for further enlightenment on the matter. According to Pomp,
“We need to pay attention to what is happening in India around cryptocurrency regulation. I’m willing to fly to meet with lawmakers and regulators if someone can get me a meeting. Who can help?”
Many other reactions coming from enthusiasts and well-known crypto evangelists all seemed to disagree with India on this note. However, it is not certain if the Indian government will rethink their decision and lift up the ban anytime soon. For now, cryptos are banned in India and that would most likely remain the bottom line for some time.