Debjani Ghosh, president of the Indian National Association of Software and Service Companies (NASSCOM), made a very radical statement saying that cryptocurrency is illegal.
Debjani Ghosh stated:
“It is the 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 [legal].”
Now in India, cryptocurrencies, such as Bitcoin (Bitcoin: BITCOIN), aren’t legally recognized as payment methods or financial instruments. However, Indian authorities also didn’t consider digital assets as illegal. Therefore, the use of cryptocurrency in India is not regulated at all.
The National Association of Software and Services Developers also discussed the arrest of the Unocoin founders, a leading Indian crypto exchange. Debjani Ghosh noted that“the genesis of this problem, however, lies in the failure of policy-making not keeping pace with rapid technological changes.”
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