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India’s Largest Trade Group Protests against Proposed Cryptocurrency Ban

Nasscom, one of india’s major trade groups has made known by its opposition of a proposed blanket ban on crypto. The said ban was recently suggested by a government commission. 

News From The Economic Times

According to a report published on local news site The Economic Times, Nasscom stated it believes the proposition of the inter-ministerial board to restrict all cryptocurrencies, except those supported by the Indian government, is not a productive approach. The group suggested that it would be better if the government work towards creating a risk-based scheme to regulate and oversee digital tokens and cryptocurrencies. 

Nasscom also argued that cryptocurrency projects can always be checked using regulatory sandboxes before they are rolled-out. The trade organization is also said to believe that limiting crypto will only discourage legitimate businesses that are ready and willing to comply. 

However, the group also emphasized that there’s still a lot to be done to design a regulatory scheme to prevent illegal activities in the crypto zone. They said everyone should work towards developing a framework that will always monitor and stop illicit actions. 

Better Understanding for Law Enforcement Agencies

Nasscom also said regulations would let law enforcement agencies have a better understanding of the latest technologies, assist them in gathering intelligence on criminal actions, and conduct enforcement. 

India has not officially banned cryptocurrencies. However, several crypto exchange platforms have closed since the Reserve Bank of India (RBI) has stopped the country’s financial institutions from offering crypto-based businesses vital services. 

The circular ordering banks from working with cryptocurrency companies was released in April 2018 and was recently upheld by India’s Supreme Court. 

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