Centre for Internet & Society

An Inter-Ministerial Committee led by Subhash Chandra Garg, secretary, Department of Economic Affairs (DEA) has submitted a report which will recommend a ban on cryptocurrency in India to the finance ministry.

The blog post by Rajarshi Mitra was published by FX Street on July 26, 2019. Pranesh Prakash tweeted on this issue.

The IMC is, however, encouraging the use of blockchain technology and is agnostic about digital currencies backed by the Reserve Bank of India (RBI). Prominent members of the crypto community have sounded off on the situation in India.

Tim Draper - Founder of DFJ Venture Capital:

“People behaving badly! India's government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership. Pathetic and corrupt. #India #bitcoin.”

Anthony Pompliano - Co-founder & Partner at Morgan Creek Digital:

“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?”

Pranesh Prakash:

“India's proposed #cryptocurrency ban would cover non-crypto currencies too, if they go ahead with the current definition. For instance, Amazon gift cards will also get covered, and be banned.”

Ajeet Khurana - CEO Zebpay:

“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.”


“Indian panel thinks a #Cryptocurrency created by RBI could be a boon for india & that regulators should consider creating a sovereign #Cryptocurrency At the same time they proposed a ban & up to 10 years in prison for general use of #Crypto in India What a bunch of hypocrites‍♂️.”

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