Indian Trade Organization Nasscom Is Against Any Form Of Cryptocurrency Ban

Nasscom, an Indian trade organization with a ton of say and power within the country, claims that it has absolutely no desire for a blanket ban on cryptocurrencies, reports CoinTelegraph.

This news comes to us via a report from The Economic Times this July 30, claiming:

“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.”

As you can imagine, a blanket ban on digital assets would prevent those from within the country from experimenting with and analyzing cryptocurrencies. On top of this, the company claims that the ban would push out business from crypto-focused firms that already exist in the space, such as cryptocurrency exchanges.

That said, of course, because Nasscom actually wants there to be some chance at progress within the nation, they do claim there needs to be some regulatory work done to ensure the safety of both companies and consumers when online trading:

“We should work towards creating a regulatory framework that will constantly monitor and prevent illegal activities. Regulating would allow the law enforcement agencies to be better equipped to understand these new technologies, enable them to gather intelligence on criminal developments and take enforcement actions.”

While there is no official ban of cryptocurrencies in place just yet, the proposed documents do hint at some form of exploration into distributed ledger technology. Nasscom also comments on this:

“The committee’s recognition of the potential of Distributed Ledger Technology (DLT) is a welcome step towards enhancing innovation in the ecosystem. We look forward to engaging with the government in considering how DLT can be used in India, to improve transparency, access to information and citizen services.”

Read more: 

• India Ban Firms Raising Funds Through IPOs from Holding Cryptos