India has clamped down hard on cryptocurrencies while encouraging blockchain. A complete ban could be in the pipeline and an entrepreneur has recently criticized the India crypto ban.
Lawmakers in the Indian parliament are mulling a stringent legislation for enforcing the India crypto ban. The proposed legislation includes steep penalties and 10-years imprisonment.
Reserve Bank of India, i.e., the central bank in India has consistently opposed cryptocurrencies. A lobbying effort on part of technology businesses in India is underway to relax the India crypto ban.