Indian Government Committee Recommends Ban on Cryptocurrencies

The Indian government committee has recommended a ban on cryptocurrencies. And also imprisonment equal to 10 years with heavy fine who are handling with digital currencies, reported by Reuters on the date July 22.

Is the Indian government ready to ban on crypto assets?

The committee has submitted the report and gave recommendations to the Indian government on cryptocurrencies.  The written report and draft prepared by the committee according to the present situations.   The Indian government will react and take the final decision.

Across the world, all authorities are planning how to govern cryptocurrencies.  The governments want to benefit from the new technology. But, still the Indian government not clear on cryptocurrencies regulations.  Recently, Facebook also announced its plans on cryptocurrency and named their coin Libra.

Committee Recommendations

Therefore, the committee also recommended to the Indian authorities to launch its official digital currency.  This cryptocurrency will govern and operate by the Central Bank of India.

In conclusion, the panel, which is headed by financial head Subhash Chandra Garg, has given recommendations to the government. The individual, who sells, mines, holds, generates, transfers cryptocurrency, will impose fine up to ten years and 250 million rupees.

The committee also stated that private cryptocurrencies do not contain any intrinsic value.  And it is not used as any financial transactions.

Opinions On the Ban

As the reaction of the panel, the crypto industry, crypto lovers and crypto holders are hoping the government will take the right decision.

Nischal Shetty, the CEO of Wazrix, commented on the government regressive step on cryptocurrencies.  He hoped that the government does not accept the committee recommendations.

Sathvik Vishwanath, the co-founder of Unocoin, also stated if the government banned the nation will lose in many aspects.

Recently, the Criminal Investigation Department of India (CID) has arrested four persons for a cryptocurrency Ponzi scheme.  The government also gave so many times warnings against cryptocurrency Schemes.  But, the people attracted easily for high returns in a short time.

However, the committee gave its recommendations and now the Indian authorities to take a necessary step on the cryptocurrencies.