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The head of a non-profit commercial organization in India said that the cryptocurrency is "illegal" and urged companies to comply with the law, as reported daily by Hindus Thursday, October 25.
Debjani Ghosh, president of the National Association of Software and Services Companies (NASSCOM), was quoted by Hinduism saying that cryptocurrencies are illegal from the point of view of NASSCOM. NASSCOM is a non-profit trade association of over 2,000 member companies for the IT process and Indian business process outsourcing industries.
"IS [the] Earth's law and therefore, we must work on it, "Ghosh said on the" illegal "status of cryptocurrency, adding:" If we do not agree, we have to go back to the government and talk about why cryptocurrencies are not correct. " , Ghosh noted that the "illegal" status of crypts is the result of the government's failure to keep up with innovation:
"The genesis of this problem, however, lies in the failure of political decision-making, not keeping pace with rapid technological changes." The goal of NASSCOM would be to say, how we synchronize technological development and decision-making. I think it will be our goal. "
Cryptocurrency is currently legal in India, but in July the Reserve Bank of India (RBI) banned banks in the country from providing services to companies involved in the exchange or processing of digital assets. At the time, the RBI cited the risks to financial stability and investor security as the main reasons behind the ban.
Following the crackdown, commentators quickly noted that while banking activities for the encrypted business were suspended, it was not a permanent ban on crypts in India. The supreme court of the country continues to keep the ban even after hearing a series of petitions.
Since July, the ban has had serious repercussions on industry. Trade, in particular, has faced difficult conditions, with the main operations of stopping the Zebpay platform and the transfer to Malta in favor of cryptography.
Ghosh's comments come after police blocked this week on a Unocoin project, an encryption exchange, arresting its co-founders after installing a Bitcoin ATM in a Bangalore mall.
Several media outlets have cited authorities who reportedly explained that ATM "had not received any permission from the state government and is dealing with cryptocurrency outside the mandate of the law". According to a police official quoted by the Times of India, the central bank considers the "illegal" cryptocurrency.
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