As India awaits the final announcement regarding the cryptocurrency regulatory framework, reports reveal that differences of opinion prevails between policymakers and industry players. It has been reported by the Economic Times that a high-level meeting was held on Thursday to consider various views including those of the Reserve Bank of India (RBI).
The government is currently in talks with stakeholders about whether to completely ban private cryptocurrencies, allow all crypto products with regulation, or regulate a few selective ones. Reports suggest that India's Prime Minister Narendra Modi will take a final call soon, as the finance ministry has already finalised the draft bill.
However, certain sections believe that more detailed discussions might be required. India's final decision will decide the fate of Indian crypto investors.
While the decision is yet to come, many investors and crypto traders have come up with their theories on social media. A self-proclaimed Shiba Inu investor even slammed the Indian government's contradictory actions related to the crypto ban asking why the Indian government is allowing advertising of crypto exchanges if they are planning to ban cryptos. "India government should clear the doubts asap. It is not good doing by the Indian government," said a person on Twitter.
Another claims if India bans crypto, "there will be a massive crackdown in 2022 India will ban #Crypto. We will see mega massacre all cryptos will lose a minimum 80%."
While some others believe that a complete ban is highly unlikely. "There may be a ban on investing on exchanges that are not registered in India. If passed, we might see huge #crypto related litigations next year #CryptoBan"
So, there arises this question.
Will crypto investors in India go to jail?
Earlier reports had suggested that India's new crypto laws could land offenders in jail for up to 18 months and pay a maximum fine of $2.7 million.
Reuters in its earlier report said that the government was set to ban "mining, generating, holding, selling or dealing in digital tokens/currencies".
And these measures could affect up to 20 million cryptocurrency investors. Even those suspected of dealing with crypto could get arrested by authorities without a warrant and held without bail.
But latest reports suggest that such severe measures may not be imposed by the government of India.
Meanwhile, International Business Times advises crypto enthusiasts and investors to be well aware of the latest crypto market trends and not fall for rumours.