THELOGICALINDIAN - As the Indian government considers banning bitcoin and cryptocurrency trading and captivation Nasscom the countrys top software and advice technology anatomy has announced out adjoin the angle
India Moves to Ban Bitcoin
Lately, the columnist has been afire with letters that India will ban and criminalize bitcoin and cryptocurrency trading. Earlier aftermost week, an inter-ministerial board tasked with allegory basic currencies appropriate that a absolute ban should be instituted. This agency anyone bent in abuse of the law will be confined for a decade.
As reported by Business Standard, the National Association of Software and Service Companies (Nasscom) stands acerb against to the government’s best contempo angle to ban all cryptocurrencies. On Tuesday Nasscom said:
The Indian advice technology area is about opposed to the government’s absolute ban on the absolute sector. Nasscom said that a ban is acceptable to backlash as it discourages acquiescence from accepted account providers in the blockchain and crypto sector.
Instead of a absolute ban, Nasscom appropriate that customer aegis apropos be addressed by testing cryptocurrency-based businesses in ‘regulatory sandboxes’. Additionally, the anatomy brash that:
Blockchain Good. Bitcoin Bad
Despite demography a acrid attitude adjoin cryptocurrency, the government board appropriate that broadcast balance technology (DLT) could account a cardinal of banking and non-financial sectors in India such as abbreviation the amount of character analysis for lending and costs trade.
Nasscom agreed with the advancement and promised to assignment with the government to accede how DLT can be acclimated throughout India.
Upon audition about the proposed bitcoin and crypto ban, American billionaire and adventure backer Tim Draper said the Bitcoin ban “will set India aback 40 years”.
Draper likened the proposed legislation as actuality “akin to the Luddites. They are in actuality saying, ‘we will not abide progress’ Imagine if they did this with the internet?”
Draper fabricated media after-effects and affronted some Indians by suggesting that:
Do you anticipate the Indian government will auspiciously apparatus a absolute ban on bitcoin and crypto? Share your thoughts in the comments below!
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