'Articles on India banning crypto are FUD', says Indian crypto enthusiast

08 Jun, 2019
by Joeri Cant
News
'Articles on India banning crypto are FUD', says Indian crypto enthusiast

In response to yesterday's news that India is planning to sentence cryptocurrency users from 1 to 10 years in jail, if they get caught mining, generating, holding, buying, selling or dealing in cryptocurrencies, one Indian crypto enthusiast is now claiming that these articles are FUD. 

Barry Silbert, a prominent venture capitalist and founder of Digital Currency Group, and who is perhaps one of the most influential names in the cryptoverse, responded as well to India's proposal for an outright ban of crypto, by saying in a recent tweet that the ban will have the opposite of the desired effect on Bitcoin awareness and interest in India.

Yesterday Chepicap reported on the so-called 'Banning of Cryptocurrency and Regulation of Official Digital Currency Bill', which implies that anyone who is involved in the cryptocurrency ecosystem would face the possibility of severe punishment.

Indian citizens who break these proposed laws may have to spend up to ten years in prison, and pay hefty fines, which could amount to up to three times the recorded gains.

However, one Indian Bitcoin enthusiast, going by the Twitter handle, Indian Cryptogirl, came forward claiming that all of these articles are based on FUD, and suggested that no official sources were quoted by Bloomberg, from where the story originated.

The Indian CryptoGirl points out in her tweet that 'even if it is true, it talks about a draft sent by a committee to the government, not a law passed in court.

'Let's wait for India's Supreme Court verdict in July', she added.

Do you think these articles on India banning crypto are based on FUD? Let us know in the poll below.

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