Powerful Indian Tech Lobby Blasts Government’s Proposed Cryptocurrency Ban

India’s technology sector will hurt immensely from the proposed cryptocurrency ban, says influential trade body NASSCOM. | Source: Shutterstock

India’s trade association for the information technology sector has criticized a proposal by a government committee to ban cryptocurrencies, Business Standard reports.

According to the National Association of Software and Services Companies (Nasscom), regulations for the cryptocurrency sector are preferable to a ban. This is because, in Nasscom’s view, a ban will only hurt the law-abiding players in the sector who intend to comply.

The influential body stated:

Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens. A ban would inhibit new applications and solutions from being deployed and would discourage tech startups. It would handicap India from participating in new use cases that cryptocurrencies and tokens offer.

Regulations for the crypto industry, on the other…