Home News Bitcoin NASSCOM President States “Cryptocurrencies Are Illegal”, Backpedals After Outcry

NASSCOM President States “Cryptocurrencies Are Illegal”, Backpedals After Outcry

October 26, 2018 13:51
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With the arrest of two founders of Unocoin, there is obviously a furore in the Indian cryptocurrency community. Adding fuel to the already raging fire, the National Association of Software and Services Companies (NASSCOM), which is a trade association of Indian Information Technology and Business Process Outsourcing industry stated on Thursday that “cryptocurrencies are illegal.”

In a conversation with news portal, Hindu Business Line, the president of NASSCOM Debjani Ghosh 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.”

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That statement did not go down well with the community and there was a backlash from people who were obviously very hurt and confused about the police’s actions and the government’s inconsistent stance on cryptocurrencies.

Although the statement was provocative, it was not all too bad. Ghosh had added that NASSCOM had not gone through the entire case and were waiting for an update. To be fair, she said, “The genesis of this problem, however, lies in the failure of policy making not keeping pace with rapid technological changes.”

Taking note of that, NASSCOM attempted to douse troubled fires and put out a statement on Friday 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.”

It further stated that they had only cited RBI’s stance and did not reflect their position on the issue.

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