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: