India’s IT Body States that Cryptocurrency is Illegal

Indian has had a long standing negative view of cryptocurrency, even going so far as to outlaw many aspects of the industry. This sentiment was recently echoed by the president of the National Association of Software and Services Companies (NASSCOM), a trade association of Indian IT and the Business Process Outsourcing (BPO), Debjani Ghosh, claiming that cryptocurrencies are illegal.

Nasscom’s stance comes just weeks after the arrest of crypto exchange Unocoin’s co-founder and the impounding of the first Bitcoin ATM in the country. Ghosh has commented to local new outlet Business Line, on the legality of cryptocurrency within the south Asia country:

“It is 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.”

While the India has come down harshly on the crypto industry and declared that digital assets aren’t categorized as legal tender, they have yet to be outlawed entirely. However, the Reserve Bank of India have succeeded in halting the progress of the nascent industry, by restricting local financial institution in engaging in services related to cryptocurrency.

Despite the barring of many crypto-related activities, the Indian government has been keen to adopt blockchain technology. Nasscom has even invested in the development of blockchain technology concurrently with a special interest group, Blockchain SIG, whose purpose is to educate and inform the public about blockchain innovation, being set up in the country’s capital of Delhi.