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India calls cryptocurrencies totally illegal. – Coinnounce

India calls cryptocurrencies totally illegal.

The Hindu Businessline, an Indian news publication covered October 25th that Debjani Ghosh, the president of the National Association of Software and Services Companies (Nasscom), had said cryptocurrencies were illegal and asked for India’s citizens to submit to the nation’s laws and regulations.

Reaching out to Authorities in India

Ghosh had additionally said that in situations where individuals require elucidation with respect to the Indian government’s rules, necessities, or policies for a specific sort of business activity, at that point they should contact the authorities for illumination.

Nasscom, an India based trade association for business process outsourcing (BPO) and IT, has made it clear that digital currencies are illegal, Ghosh noted. She stated:

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.

Indian authorities have expanded their investigation of crypto-related businesses in the nation as they supposedly brought down India’s first Bitcoin ATM (BTM) – which had been introduced by nearby digital resource exchange, Unocoin. The founders of the Unocoin Exchange were arrested and charges were framed against them.

“No Policies”

As per the Indian police, Unocoin’s Bitcoin ATM was brought down in light of the fact that the exchange administrator was apparently not approved to set up the machine. As secured, Unocoin had been endeavoring to sidestep the reserve bank of India (RBI) restriction on cryptocurrencies by utilizing Bitcoin ATM’s.

Remarking on the Indian government’s position on crypto resources, Ghosh stated:

the genesis of this problem, however, lies in the failure of policy-making not keeping pace with rapid technological changes.

Notwithstanding, she additionally said that Nasscom was “looking into” different issues, or challenges, identified with utilizing cryptocurrencies in India and was “attempting to comprehend it, [in order] to have some clarity as far as rules for startups.

The Indian authorities believe that cryptocurrencies encourage illegal activities and hence cannot be approved as a legal tender by the government.

What do you think about the step towards illegalizing Cryptocurrencies by the Government of India? Let us know in the comments section below.

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Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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  • I understand where they are coming from, with scams and fraud in the crypto market, many investors were also losing hope and hesitating to invest, until I read myshield, a decentralized anti scam platform that aims to fight against scams. I'm still reviewing this project but I must say, it has a lot of potentials.

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