India's largest trade organization, Nasscom, said that it is against a general ban on cryptocurrency, which was recently proposed by a government commission in the country.
Ban on cryptocurrencies in India
Despite the current lack of a formal ban on cryptocurrencies in India, a number of cryptocurrency exchanges closed as the Reserve Bank of India (RBI) banned financial institutions in the country from offering services to cryptocurrency-related enterprises.
Nasscom believes that the recent proposal by an intergovernmental committee of the government to ban all cryptocurrencies, with the exception of those supported by the government, is not the most constructive measure.
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Instead, the government needs to do some work to create a regulatory framework to mitigate illegal actions in the cryptocurrency space.
"Regulation will allow law enforcement to be better prepared to understand these new technologies and allow them to gather information about criminal events." – Nasscom.
Nasscom was founded in 1988 and has more than 2,700 member companies in the field of IT, business process outsourcing and other technology-related industries.
The company calls itself the "highest authority" for the Indian business process management industry in the amount of $ 182 billion.
The Nasscom organization, protests against the introduction of a ban on cryptocurrency. Recall, on July 23, the Government of India officially announced the report of the interdepartmental committee. The announcement was made the day before the country's supreme court had to hear petitions against a crypto-banking restriction.
Editor: Pereyidenko Ihor