Cryptocurrency is Illegal, Says The President of India’s Primary IT Body

National Association of Software and Services Companies (Nasscom) is India’s primary IT body. Now, after the Indian authorities arrested the representatives of a leading cryptocurrency exchange for running a Bitcoin (BTC) ATM, Debjani Ghosh, the president of Nasscom, came out with a very radical statement regarding cryptos. According to her, cryptocurrency is illegal.

National Association of Software and Services Companies (Nasscom) president said that “it is very clear that cryptocurrencies were illegal,” as reported by the Business Line today.

“It is the law of the land, and hence, we have to work with it. If we do not agree, we have to go back to the government and speak about why cryptocurrencies aren’t correct [legal],” said National Association of Software and Services Companies (Nasscom) president Debjani Ghosh.

Across India, cryptocurrencies such as Bitcoin (BTC) are not legally recognized as payment methods or financial instruments. However, the Indian authorities have not deemed digital assets as illegal, either. Therefore, the use of cryptos in India is not regulated per se.

Cryptocurrency is Illegal, Says The President of India’s Primary IT Body

As mentioned, the RBI (the Reserve Bank of India) demanded more clarity regarding the cryptocurrency regulation framework. However, in the meantime, the Reserve Bank of India asked Indian banks to stop offering services to the cryptocurrency startups and traders.

National Association of Software and Services Companies (Nasscom) president also discussed the arrest of the founders of Unocoin, India’s leading cryptocurrency exchange.

In this regard, Debjani Ghosh said that “the genesis of this problem, however, lies in the failure of policy-making not keeping pace with rapid technological changes.”

“Nasscom will look to synergize technological development and policy-making” added Debjani Ghosh.

On the other hand, Nasscom wants to deal with the rising cryptocurrency market and their underlying technology correctly. For that, in February 2018, the Indian organization teamed up with Canada’s Blockchain Research Institute to focus on the digital assets with the decentralized technology as the primary engine.

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