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!