India Needs To Change Its Attitude To Cryptos — Head Of NASSCOM
Debjani Ghosh, the head of the National Association of Software and Services Companies (NASSCOM), stated that cryptocurrencies have no legal status in the country, therefore, all organizations must follow regulations in this sphere, The Hindu Business Line reports.
Everyone must follow the regulatory requirements under the existent cryptocurrency law. If some don’t agree with this, they have to seek collaboration with the government and discuss this topic, Ghosh believes.
The problem, in her opinion, is that politicians aren’t able to quickly perceive and understand technological innovations, as well as the changes that they bring forth. One of the tasks of NASSCOM will be to synchronize technological development and policy making.
Officially cryptocurrencies aren’t prohibited in India, but in July 2018, the Reserve Bank of India (RBI) issued a directive prohibiting banks from providing services to organizations related to crypto activities. The RBI representatives explained that the crypto sphere would threaten financial stability.
The Supreme Court of India continues to support this decision, even despite numerous appeals. Meanwhile, crypto exchanges are forced to leave the country and open offices in other jurisdictions, as did the Zebpay trading platform by relocating to Malta.
Unocoin, a crypto exchange, continues to operate in India and even installed the country's first crypto ATM at a mall in Bangalore. However, the police dismantled the crypto machine, considering its installation illegal.