Trade Organization Head Says Cryptocurrency Is ‘Illegal’ In India

The head of a business organization, a non-profit Indian said cryptocurrency was "illegal" and called on companies to follow the law, local daily Hindu reported on Thursday, October 25th.

Debhani Ghosh, President of the National Software and Business Services Association (NASSCOM), quoted by Hindus, saying cryptocurrencies are illegal from the NASSCOM standpoint. NASSCOM is a nonprofit professional association of over 2,000 member companies for Indian IT outsourcing and business process industry.

"This is the state right, and we have to work with it," Ghosh said on the "illegal" status of the crypto-currency. She added, "If they disagree, we have to go back to power and explain why the cryptocurrencies are not accurate." However, Ghosh emphasized that the "illegal" status crippled the result of government failure in the pace of innovation:

"However, the genius of this problem lies in the failure to create a policy to keep pace with rapid technological change." The main purpose of NASSCOM is to say how to synergize technological development and policy development, and I think that will be our goal. "

Scripting is currently legal in India, but in July, India's backup bank banned banks in the country from serving companies involved in the exchange or processing of digital goods. At that time, the IRB noted the risks of financial stability and investor safety as one of the main reasons for the ban.

After the attack, commentators quickly noticed that although banking activities related to cryptographic activities were suspended, this was not a ban on crypto in India. The Supreme Court of the country continues to ban, even after hearing many petitions.

Since July, the ban has had severe consequences on the sector. The stock exchanges faced particularly difficult conditions because the large Zebpay platform suspended operations and moved to a crypto-acceptable Maltese zone.

Ghosh's comments come after the police blocked the project this week from the Unocoin cryptographic center, arresting their co-founders after installing Bitcoin ATMs at the Bangalore shopping mall.

Various media claimed authorities to say that the ATM was "not granted any state government license and worked in the area of ​​cryptocurrency outside the legal framework." considers cryptocurrency valence as "illegal."


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