Opposing the proposal of banning cryptocurrencies in India, the Industry body Nasscom (National Association of Software and Services Companies) has said that it is not a solution.
“Nasscom believes that the recent proposal of the Inter-ministerial Committee of the government to ban all cryptocurrencies barring those that are backed by the government is not the most constructive measure. Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens,” the industry body said in a statement.
Earlier, a government panel had proposed a draft bill which was titled Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.
However, it has not yet been confirmed officially, the move will make cryptocurrency dealing in India illegally, and will not be regulated by the government. This move will include currencies like Bitcoin, Ethereum, Ripple and more.