Chief of an Indian not for profit organization recently states in a report released on October 25th that, “All cryptocurrency acts are against the law and illegal.”
NASSCOM’s President, Debjani Ghosh, stated on behalf of the association that cryptocurrencies are illegal. NASSCOM a well renounced non-profitable organization with about 2000 plus associated companies for IT business outsourcing.
Debjani Ghost added, “It is the law of the land and we have to obey it”. She further went on to add, “If we are not satisfied with this, we need to prove why cryptocurrencies aren’t suitable to the national legal authorities.” Furthermore, Ghosh strongly believes that the illegal image of cryptocurrency is the major cause of lack of innovation in the country.
Cryptocurrency at present is a legal tender in India, but earlier in July, the Reserve Bank of India (RBI) barred all commercial banks from providing any individual or business indulging in trade or processing of digital currencies. In that time frame, RBI evaluated the danger and risk to financial stability and the security of investors as the major reason of this ban.
Post the clampdown, reporters easily identified that only banking transactions and services related to crypto were barred, and not a complete ban on cryptocurrency in the country.
The ban had harsh consequences for the industry. Especially all crypto exchanges have suffered from top platforms like Zebpay stalling their operations and shifting their base to Malta.