NASSCOM Implores Govt to Not Ban Cryptocurrencies

In what will come as a pleasant surprise, the National Association of Software and Services Companies (NASSCOM), the Indian industry body has suddenly declared its pro-cryptocurrency stance.

This industry body said in a statement, “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.”

It appears that the industry body has come a long way, from October 2018. At the time, the president of NASSCOM, Debjani Ghosh had said, “It is 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.”

Naturally, the statement did not go down well with the cryptocurrency community in India. Recognizing its error, NASSCOM attempted to douse troubled fires and put out a statement saying, “In light of the recent media reports suggesting NASSCOM called cryptocurrencies illegal, we would like to clarify that in response to a media query, we had cited the stance taken by Reserve Bank of India on the issue, where the apex court had prohibited rupee-crypto trade in India in April 2018 and also had given a three month window for banks to shut down all accounts for investors and individuals dealing with digital currencies.”

However, in May this year, the body was pressuring the RBI to reconsider its criteria and include cryptocurrencies in the regulatory sandbox. At the time, a statement from NASSCOM had said, ““Since cryptocoins and tokens are an important component of the blockchain technology, the draft regulations appear to exclude testing of smart contracts and other approved blockchain technology under the sandbox. The decision to keep cryptocurrencies, trading of cryptocurrencies and initial coin offerings out of the purview of the regulatory sandbox is still not clear.”

Wonder what brought about the change in heart?

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