Finally NASSCOM decides to take a stand on this matter and has officially said that it opposes the move to ban crypto from India. In an article published by LiveMint as well as their Twitter handle, Nasscom has clarified why it thinks crypto banning is not a solution.
Industry body Nasscom (National Association of Software and Services Companies) has opposed the recent proposal for banning cryptocurrencies in India, saying it is “not a solution".
“Nasscom believes that the recent proposal of the Inter-ministerial Committee of the government to ban all cryptocurrencies barring those that are backed by the government, is not the most constructive measure," the industry body said in a statement. “Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens."
A government panel earlier proposed a draft bill titled Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019. The move, though not official yet, will make it illegal to deal in any cryptocurrency in India, which is not regulated by the government. That will include currencies such as Bitcoin, Ethereum, Ripple and more.
The case against the RBI was once against pushed forward and is likely to come up for hearing tomorrow at the Supreme Court. Our patience is being tested indeed!
Irrespective of what NASSCOM says, it won't be easy to get this government to understand the rapid changes in the tech sector. Dinosaurs continue to rule us from the parliament.
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