India: Cryptocurrency supporters want to negotiate with the regulator

Jul 31 · 2 min read

India’s strict regulation of the cryptocurrency, which includes a total ban and punishment of up to 10 years in prison, has angered the public. But is it true?

The information about the ban appeared in the network on July 15, provoking a strong reaction of the cryptocurrency owners. Unconditional measures of responsibility for buying, selling or simply owning cryptocurrency became the last straw in the cup of patience amid many months of regulatory confusion in the country.

As a reaction to many protests in social networks and media, the head of the Ministry of Finance of India said on July 19 that currently, the country does not prohibit cryptocurrencies. There is no relevant law restricting their use.

It is only a report from an inter-ministerial committee that will be submitted to the Indian Parliament for consideration. If the majority of MPs vote for it, it turns into law.

E-CHAT Team’s View

The cryptocurrency industry in India will continue to develop even if the ban is introduced at the legislative level. Blockchain technology will continue to be available to banks and financial institutions.

Several cryptographers are also tweeting that they are preparing to meet with Indian regulators to discuss the situation. We hope the decision will be positive!

𝗢𝘂𝗿 𝗻𝗲𝘄𝘀:

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade