This week has been a rough one for Indian authorities where they have arrested the co-founder of Unocoin crypto exchange for operating a bitcoin ATM. The President of the National Association of Software and Services Companies Debjani Ghosh, claimed very clearly that all cryptocurrencies are illegal.
This IT association has urged the crypto sector and all of its investors, enthusiasts, and business, to turn to the government in case they have any questions and also complain to them directly.
“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.’’
Cryptocurrencies such as bitcoin aren’t recognized as a legal tender in the country but it’s very important to know that they are not ruled illegal as well. The entire crypto sector is seeking clarity from the Supreme Court but they are hardly likely to obtain one. Also, the Reserve Bank of India enforced a strict policy by banning banks from providing services to the crypto sector.
After the arrest of the co-founder of Unocoin which is, by the way, one of the largest and best-funded crypto exchanges, she said that the major problem lies in the lack of policy-making and failure of the regulators to keep pace with the rapid technology changes.
What is most interesting is that Nasscom has already invested in developing blockchain technology.
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