The acclaimed Information Technology body in India opposed to the dated proposal that came from the inter-ministerial committee of the Indian government. The entirety of the proposal states that the activities concerning cryptocurrencies are barred permanently.
This week on Tuesday, Nasscom, the Indian government has taken a wrong decision in banning the cryptocurrency. Instead, it would have been better if the government would have put it work and developed a framework incorporating regulation. Furthermore, the framework would have given rise to risk-free cryptocurrency activities in the country.
India shouldn’t ban cryptocurrency
As the Indian government has banned cryptocurrencies, it would bring new solutions and application. These new rules would make sure that cryptocurrency start-ups cannot come into existence. According to cryptocurrency enthusiasts, the recent move from the Indian government will discourage different tech-startups in the country.
Now that the banning of the cryptocurrency is in entirely in motion, it would make the country handicap. Moreover, India will not be able to participate in the forthcoming use cases that the cryptocurrency, as well as crypto tokens, offer. Furthermore, the banning is going to put an end to the reign of the legitimate cryptocurrency start-ups. In the previous week, the Indian government sought to examine virtual or digital currencies.
The conclusion of the cryptocurrency examination
Once the Indian government was done by examining the digital currencies, the government quickly decided to ban the use and payments via cryptocurrency in the country. The new report also states that if a person or an organization is found using cryptocurrency for any activity, they will be imprisoned for ten years.
The Indian government could have tried to test cryptocurrencies by using the conventional sandboxes regulation by utilizing the financial sectors in the country. The panel of experts also said that the Indian government should have an open mind even while examining the federal digital currencies. Currently, there is no future for cryptocurrency in India. It is a piece of sad news for the cryptocurrency enthusiasts in the country.