WazirX founder Nischal Shetty believes that the recent IMC (Inter-Ministerial Committee) report put forward by the Indian government calling for a complete bitcoin and crypto ban in India drew its conclusion from inaccurate assumptions.
Indian Authorities Don’t Know What Crypto is
Tweeting on Tuesday (July 23, 2019), the bitcoin exchange founder described the report by the inter-ministerial committee (IMC) calling for a crypto ban in India as being flawed.
1/ The Crypto report is FLAWED right from the beginning. It wrongly states that every crypto is a “currency” & goes on to formulate suggestions on that flawed assumption
Report wants to criminalise the youth,Innovators,investors
Dear @nsitharaman @narendramodi #IndiaWantsCrypto
— Nischal (WazirX) (@NischalShetty) July 23, 2019
For Shetty, members of the committee drew on flawed assumptions in coming up with their conclusions.
For one, the IMC characterized cryptos as being “private currencies” — a classification meant to put the entire asset class in direct…