India’s Apex Tech Body Lambasts Govt’s Proposed Bitcoin Ban

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As the Indian government considers banning bitcoin and cryptocurrency trading and holding, Nasscom, the country’s top software, and information technology body has spoken out against the proposal. India Moves to Ban Bitcoin Lately, the press has been aflame with reports that India will ban and criminalize bitcoin and cryptocurrency trading. Earlier last week, an inter-ministerial committee tasked with analyzing virtual currencies suggested that a blanket ban should be instituted. This means anyone caught in violation of the law will be imprisoned for a decade. As reported by Business Standard, the National Association of Software and Service Companies (Nasscom) stands strongly opposed to the government’s most recent proposal to ban all cryptocurrencies. On Tuesday Nasscom said: 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…

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