RATE Group | Twitter reacts to the India’s cryptocurrency drama
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Twitter reacts to the India’s cryptocurrency drama

26 Jul Twitter reacts to the India’s cryptocurrency drama

Posted at 03:50h in Cryptocurrency News by

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  • An Inter-Ministerial Committee has submitted a report which will recommend a ban on cryptocurrency.
  • The IMC is agnostic about digital currencies backed by the Reserve Bank of India.

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 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…

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