In line with a recent news report by ‘The Hindu,’ Debjani Ghosh, the president of the National Association of Software and Services firms ‘NASSCOM’, was cited by the declaring that cryptocurrencies are illegal from NASSCOM’s perspective. NASSCOM is a non-profit trade association of over two thousand member firms for the Indian IT and business processing outsourcing industries.
“It is the law of the land and therefor, we’ve to work with it,” Ghosh claimed regarding cryptocurrency’s ‘illegal’ status. Adding further she said, if we don’t agree, we’ve to discuss why cryptocurrencies aren’t correct with the govt. that issued this order. However, Ghosh additionally also said that the “illegal” standing against cryptocurrencies is the result of the govt’s failure to stay updated with the new innovation:
“The genesis of this drawback, however, lies within the failure of affairs of state not keeping pace with speedy technological changes. NASSCOM focus would be to mention, how does one synergize technological development and policy makers. i feel that this will be our main focus.”
Blockchain Technology is presently legal in India while after a statement revealed by the RBI [Reserve of India] in July, prohibiting the country’s banks from supporting businesses linked in exchanging or processing digital assets. At the time, the RBI cited risks to financial stability along with the security related concerns as being the major reasons behind the ban implemented.
Following the ban, commentators were quick to notice that, while the banking activities for crypto business were suspended, it had been not a ban on crypto in India outright. The country’s supreme court continues to uphold the ban even after hearing a raft of petitions.
Since earlier from July, the ban has had severe repercussions for the trade. Exchanges especially faced several tough conditions, with major platform including Zebpay exchange halting operations and relocating to crypto-friendly country Malta.
Several media outlets have cited authorities that reportedly explained that:
The ATM “had not taken any permission from the authorities and is dealing in cryptocurrency outside the remit of the law.”