Cryptocurrency ‘Illegal’ In India Says Trade Organization Head

Must Read

Total Assets Under Management Of Grayscale Have Grown To $3.3 Billion

A recent tweet by Grayscale's official Twitter account mentioned that on February 19, 2020, "Net Assets Under Management,...

bZx Hackers Trying To Move The Stolen Currency Reports CoinHolmes

The recent hacks at bZx have led to many people questioning the DeFi (decentralized finance) system. An analysis...

Brendan Blumer Suggests Gold And Bitcoin Are Similar And Anyone Favoring One Over The Other Is Undermining Both

Brendan Blumer talked about the similarity between Gold and Bitcoin. A person is showing his or her own...
5d85c99dd353c-bpfull
Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

Cryptocurrency is currently legal in India, but in July the Reserve Bank of India (RBI) banned the country’s banks from servicing businesses involved in exchanging or processing digital assets. At the time, RBI cited risks to financial stability and the security of investors as being the main reasons behind the ban.

“It is the law of the land and hence, we have to work with it,” Ghosh claimed about cryptocurrency’s ‘illegal’ status. She added, “If we do not agree, we have to go back to the government and speak about why cryptocurrencies aren’t correct.” However, Ghosh noted that the “illegal” status of crypto is the result of the government’s failure to keep up with innovation:

“The genesis of this problem, however, lies in the failure of policy-making not keeping pace with rapid technological changes. NASSCOM’s focus would be to say, how do you synergize technological development and policy making. I think that will be our focus.”

Despite disputing the legality of public cryptocurrencies, Nasscom has markedly invested in developing blockchain technology with a special interest group established in the nation’s capital of New Delhi, last year. In February, the influential organization partnered Canada’s Blockchain Research Institute with a focus to usher in the digital economy with decentralized technology as the core driver.

Ghosh’s comments come after police clamped down this week on a project from crypto exchange Unocoin, arresting its co-founders after they installed a Bitcoin ATM in a Bangalore shopping mall.

Ghosh reportedly 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.”

Hot News

Total Assets Under Management Of Grayscale Have Grown To $3.3 Billion

A recent tweet by Grayscale's official Twitter account mentioned that on February 19, 2020, "Net Assets Under Management, Holdings per Share, and Market...

bZx Hackers Trying To Move The Stolen Currency Reports CoinHolmes

The recent hacks at bZx have led to many people questioning the DeFi (decentralized finance) system. An analysis from Peckshield security shows that...

Brendan Blumer Suggests Gold And Bitcoin Are Similar And Anyone Favoring One Over The Other Is Undermining Both

Brendan Blumer talked about the similarity between Gold and Bitcoin. A person is showing his or her own insecurities regarding Gold or Bitcoin...

OKEx Exchange Launched Spot Margin Trading And Savings For 19 New Digital Assets

OKEx announced the launching of 19 new digital assets for spot margin trading and saving service from February 21, 2020. OKEx exchange is...

Two Arrested in Investigations with Cryptovaultua for Money Laundering

The Fiscal Information and Investigation Service has arrested two men in suspicion of money laundering with cryptocurrency. The investigations led by the Functional...

Ripple Partner Ria Money Transfers Joins Forces With Austrian Post for Remittance Service

Euronet Worldwide connected with Ripple and integrated the Ripple cryptocurrency. Ria Money Transfer is a subsidiary of Euronet Worldwide. The partnership will be...

bZx Hackers Trying To Move The Stolen Currency Reports CoinHolmes

The recent hacks at bZx have led to many people questioning the DeFi (decentralized finance) system. An analysis from Peckshield security shows that...

Brendan Blumer Suggests Gold And Bitcoin Are Similar And Anyone Favoring One Over The Other Is Undermining Both

Brendan Blumer talked about the similarity between Gold and Bitcoin. A person is showing his or her own insecurities regarding Gold or Bitcoin...

OKEx Exchange Launched Spot Margin Trading And Savings For 19 New Digital Assets

OKEx announced the launching of 19 new digital assets for spot margin trading and saving service from February 21, 2020. OKEx exchange is...

Two Arrested in Investigations with Cryptovaultua for Money Laundering

The Fiscal Information and Investigation Service has arrested two men in suspicion of money laundering with cryptocurrency. The investigations led by the Functional...

RELATED NEWS

Total Assets Under Management Of Grayscale Have Grown To...

A recent tweet by Grayscale's official Twitter account mentioned that on February 19,...

bZx Hackers Trying To Move The Stolen Currency Reports...

The recent hacks at bZx have led to many people questioning the DeFi...

Brendan Blumer Suggests Gold And Bitcoin Are Similar And...

Brendan Blumer talked about the similarity between Gold and Bitcoin. A person is...