Cryptos Are Illegal, Says Head of India’s IT Body
The head of the prominent Indian IT body Nasscom, Debjani Ghosh has surprised many by stating that cryptocurrencies should be illegalized. According to Ghosh, her association views the digital coins as illegal.
Her sentiments come at a time when the Indian government arrested two operators of a bitcoin exchange platform. The two co-founders were arrested on the grounds of running a Bitcoin ATM. Ghosh supported the arrests stating that the law is clear on the legality of cryptocurrency.
The association is mandated with providing oversight on IT startups. It was established to ensure that startups are not hampered by regulatory issues. Speaking on Thursday, Ghosh stated that aggrieved parties can sue the government for illegalizing cryptocurrencies.
She pointed out that despite crypto having benefits, there needs to be a of following of the law. Ghosh stated that those violating the law should face the consequences.
It is key to point out that Indian laws do not recognize cryptos as a means of payment in financial settings. However, India does not have any law stating that all cryptos are illegal. Many have sought the input of the Supreme Court to clarify this ambiguity.
Currently, there are a number of petitions before the highest court. However, the court has not issued any clear guideline on management of cryptocurrencies. India’s top bank RBI is enacting strict measures, especially on banks. Banks are not required to offer any services between fiat and cryptos.
Ghosh was however hounded on her opinion regarding the arrest of the two. An evasive Ghosh stated that she has no details about the case hence she is not in a position to comment.
However, she acknowledged that policymakers might be at fault. Ghosh stated that if policymakers had moved on swiftly to implement the laws then such arrests would not occur. She added that her association may take part in the establishment of policies meant to govern the sector.
In the public eye, Nasscom has opposed cryptocurrencies. However, the association has set up a blockchain technology in New Delhi. Early this year, the body inked a deal with a blockchain research facility from Canada. The partnership was meant to introduce decentralized technologies into India’s economy. The technology was meant to drive the growth of different sectors.