India’s Trade Organization Claims Cryptocurrencies Are Illegal
Debjani Ghosh, the head of Nasscom trade organization called cryptocurrencies “illegal” in India. He warned businessmen about getting involved with them. Crypto transactions are not officially banned in India, despite what Ghosh said. But they aren’t welcome either.
Crypto regulations in India
As we all know, cryptocurrencies in India are a controversial topic. They are not illegal, but they’re not welcome, either. The country is just not exactly the most friendly environment for cryptocurrency solutions. Trading is considered outlawed and the government constantly warns about the risks of engaging in this business.
Apparently, not everyone is familiar with those regulations though. On Tuesday, October the 25th, Debjani Ghosh, the head of an Indian nonprofit trade organization bluntly stated that cryptocurrencies are “illegal”. He also encouraged all businessmen to obey the law and not get involved in the cryptocurrency world.
National Association of Software and Services Companies (Nasscom), the non-profit organization behind Ghosh, is an Indian trade association. They have been operating in the IT and business field since 1998. By giving cryptocurrency an “illegal” status, they’ve made their opinion on the crypto world very clear. Even though the government hasn’t banned cryptocurrencies (and doesn’t plan on doing it soon), the company won’t be supporting it. The reasoning behind this statement goes back to the government. According to Ghosh, the authorities aren’t prepared for any big technological changes.
Cryptocurrency grey area
Generally speaking, India is definitely not the best environment for developing crypto solutions. Recently, we wrote about India’s first ATM co-founder being arrested. Now a big Indian company publicly states that it won’t support any crypto-related actions. Despite of all the bad press, cryptocurrencies and blockchain technology still are quite popular in India. Maybe after creating some clear regulations by the government it will be easier to develop this industry.
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