The Indian Government is probing into a complete ban on cryptocurrency. However, the opposition to the proposed ban on cryptocurrency in India is increasing with each passing day.
Recently, NASSCOM – a non-profit trade organization for IT services and Business Process Outsourcing industry. It began in 2013 with a mission to include and promote 10,000 start-ups in India. A spokesperson for the organization told the media,
“Nasscom believes that the recent proposal of the inter-ministerial committee of the government to ban all cryptocurrencies barring those that are backed by the government, is not the most constructive measure.”
Nevertheless, NASSCOM also praised the industry’s efforts in identifying the potential of DLT (Distributed Ledger Technology) and blockchain.
The proponents of cryptocurrencies want new regulations for cryptocurrencies. A recent editorial post on another leading media outlet in India, The Hindu, also raised similar concerns. It cited that IMC’s report on digital currencies has itself citied 6 of 7 countries which are regulating them, instead of a ban.
Moreover, China’s attempts to ban or abolish them have also been fruitless. Recently, the Central Bank of China released an info-graphic to educate the masses about Bitcoin.
Even the NASSCOM representative reiterated the same, he said,
“We should work towards creating a regulatory framework that will constantly monitor and prevent illegal activities. Regulating would allow the law enforcement agencies to be better equipped to understand these new technologies, enable them to gather intelligence on criminal developments and take enforcement actions,”
While some of the leaders still support the ban proposition, the general call is one to regulate it. The lawmakers in India have primarily viewed cryptocurrencies as a medium for money laundering or illicit conduction of illicit activities.
Nevertheless, the industry leaders in India and adopters have not thrown the towel yet. Moreover, even the IMC had initially planned on regulating them but later proposed a ban altogether.
The Apex Court in the country has also been postponing the hearing on a ban already imposed by the Central Banks. While innovators are eagerly looking forward to the technology, the ecosystem in India is practically non-existent. The courts have cited that the lack of regulatory framework is the issue. It had also asked the Government to frame a law on them, but the government missed that deadline as well.
Do you think that the Government will consider a second bill for regulating cryptocurrencies? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com