Copy link
Increase text size
Decrease text size
Link copied

Tech organization Nasscom opposes Indian crypto ban, ‘Not Helpful’

Indian Flag.hari_mangayil/Pixabay

Wed, 31 Jul 2019, 05:01 am UTC

It is no secret that India has not been the most enthusiastic country when it comes to cryptocurrency as far as its government is concerned and is even considering banning it. This is where the National Association of Software and Services Companies (Nasscom) is stepping in to call officials out on such a drastic move.

In a statement intended to curb the rising sentiment of outright criminalizing cryptocurrency in India, Nasscom expressed its alarm at the close-minded approach by the country’s leaders. The group is adamantly pushing that a ban is not the answer.

"Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens. A ban would inhibit new applications and solutions from being deployed and would discourage tech startups. It would handicap India from participating in new use cases that cryptocurrencies and tokens offer," Nasscom’s statement reads.

"To address consumer protection concerns, cryptocurrency-based businesses can be tested in the regulatory sandboxes being launched by the financial sector regulators across the country. We should work towards creating a regulatory framework that will constantly monitor and prevent illegal activities. Regulating would allow the law enforcement agencies to be better equipped to understand these new technologies, enable them to gather intelligence on criminal developments and take enforcement actions," it added.

On July 22, the Indian Department of Economic Affairs (DEA) officially announced that it has received the report on cryptocurrency regulation along with a draft bill from the committee. The bill aims to illegalize mining, generating, holding, selling, dealing, issuing, transferring, disposing, and using cryptocurrency. People found to be engaging in such activities are subject to a fine of up to 250 million rupees ($3.63 million) and/or imprisonment of up to 10 years.

The Indian government is yet to make its final decision, and it confirmed there is no official ban in place just yet. The report and draft bill are now being examined in consultation with all concerned departments and regulatory authorities before making a final decision.

Meanwhile, the Supreme Court of India has been postponing the hearing of the ongoing crypto case which followed the crypto banking ban imposed by the Reserve Bank of India (RBI) last year.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $13,721.10 (+1.29%)
  • Ethereum (ETH) $387.04 (+1.10%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $261.73 (-0.04%)
  • Chainlink (LINK) $11.25 (+1.38%)
  • Bitcoin (BTC) $13,721.10 (+1.29%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft