Cryptocurrency ‘Illegal’ In India Claims India’s Trade Organization Head

Debjani Ghosh, the head of National Association of Software and Services Companies (NASSCOM), said that cryptocurrency is “illegal,” from his organization perspective. He claimed that cryptocurrency urged a country’s businesses to obey the law and new digital asset regulation, according to the Hindu report.

NASSCOM is an Indian non-profit trade organization over the two thousand member companies for the business process and the Indian IT industries.

“It is [the], and hence, we have to work with it,” Ghosh claimed about cryptocurrency’s ‘illegal’ status. She added, “If we do not agree, we have to go back to the government and speak about why cryptocurrencies aren’t correct.” However, Ghosh noted that the “illegal” status of crypto is the result of the government’s failure to keep up with innovation:

“The genesis of this problem, however, lies in the failure of policy-making not keeping pace with rapid technological changes. NASSCOM’s focus would be to say, how do you synergize technological development and policy making. I think that will be our focus.”

At present, Cryptocurrency is legal in India, but in July country’s central bank RBI banned the banks from doing businesses that are implicating in exchanging digital assets. At the time, RBI justified the reasons behind the ban, it is risks to the security of investors and financial stability investors.

A few days ago, Chandra Garg who is an India’s Economic Affairs Secretary presented amendments to the current laws that purpose at illegal cryptocurrency holdings.

Since July, the ban has had acute, repercussions for the business. Exchanges in specific have faced tough circumstances, Zebpay hesitant operations to crypto-friendly Malta.

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