The NASSCOM President, Debjani Ghosh, has declared earlier this week that cryptocurrencies were illegal in India, and invited cryptocurrency startups and exchange to take legal action if they were against this fact. This is one of the last statement in a cryptocurrency ban saga that started in July and is recently reaching its final states, in a sad outcome for Hindi cryptocurrency enthusiasts.
NASSCOM President Opinion
The NASSCOM (National Association of Software and Services Companies) is one of the most important organizations in India that ensures that software quality and intellectual property rights enforcement basically. NASSCOM president Debjani Ghosh has made clear that he does believe that cryptocurrencies are illegal in India. He declared that:
“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,”
The NASSCOM opinion was of utmost importance because the public and cryptocurrency related businesses have been in an uncomfortable situation. They have searched for clarification on the ban imposed by the Reserve Bank Of India, and have found it at least, albeit in a not very favorable way.
He also declared about why he thought that the government declared cryptocurrencies illegal in the first place. He stated that:
“The genesis of this problem, however, lies in the failure of policy making not keeping pace with rapid technological changes.
The Hindi CryptoSaga
Last week the Indian Police raided a cryptocurrency exchange kiosk in Bangalore that hosted a cryptocurrency ATM that was the property of UNOCOIN, a Hindi cryptocurrency exchange, and ATM provider. The business was promptly shut down and one of UNOCOIN’s founders was arrested.
The other founder defended itself by saying that cryptocurrencies were not illegal in the country and that the RBI had just concluded that they were “not legal”, as opposed to illegal.
The police quickly arrested him also and they are waiting for trial, as they will have to fight this case by the law. This is but one cryptocurrency startup that has been affected by this poorly planned ban that submerged the country in a state of confusion.
And while this is being thought carefully, businesses that deal with cryptocurrencies keep closing their doors. ZebPay, one of the most trustable and pioneering exchanges in the whole India closed its doors because they lacked a banking partner to keep fiat deposits and withdrawals afloat.