In line with a recent news report by ‘The Hindu,’ Debjani Ghosh, the president of the National Association ofSoftwareand Servicesfirms‘NASSCOM’, was cited by the declaring that cryptocurrenciesare illegalfrom NASSCOM’s perspective. NASSCOMis a non-profittrade association of overtwo thousand memberfirmsfor the Indian IT and businessprocessingoutsourcing industries.
“It is the law of the land andtherefor,we’veto workwith it,” Ghosh claimedregardingcryptocurrency’s ‘illegal’status. Adding further she said, ifwe don’tagree,we’vetodiscusswhy cryptocurrencies aren’t correct with the govt. that issued this order. However, Ghosh additionally also said that the “illegal”standing againstcryptocurrenciesis theresult of the govt’s failureto stayupdated with the new innovation:
“The genesis of thisdrawback, however, lieswithin thefailure ofaffairs of statenot keeping pace withspeedy technological changes. NASSCOM focus would beto mention,howdoes onesynergize technological development andpolicy makers.i feelthat this willbe our main focus.”
Blockchain Technology ispresentlylegal inIndia while after a statement revealed by the RBI [Reserve of India] in July, prohibitingthe country’s banks fromsupportingbusinesseslinkedin exchanging orprocessingdigital assets. At the time,the RBIcited risks tofinancialstability along with thesecurity related concerns as beingthe major reasons behind the ban implemented.
Following theban, commentators werequickto noticethat,while thebanking activities for crypto business were suspended,it had beennot a ban on crypto inIndiaoutright. The country’s supreme court continues to uphold the ban evenafterhearing a raft of petitions.
Since earlier from July, the ban has had severe repercussions for thetrade. Exchanges especially faced several toughconditions, with major platform including Zebpay exchange halting operations and relocating to crypto-friendly country Malta.
Several mediaoutletshave cited authorities that reportedly explained that:
The ATM “had not taken any permission from theauthoritiesand is dealing in cryptocurrency outside the remit of the law.”