Banning all cryptocurrencies apart from the ones backed by the government is “not the most constructive measure”, industry body NASSCOM said in a statement (given below) to MediaNama. It said that a ban will only deter legitimate operators since they have no intent to be non-compliant, would discourage tech start-ups and handicap India from participating in new use cases that cryptocurrencies and tokens offer. The body suggested that developing a risk-based framework to regulate cryptocurrencies would be a better idea than putting an outright ban on them. It said that crypto businesses could be be tested in regulatory sandboxes. The Finance Ministry has proposed a legislation that bans the use of cryptocurrency in India, and makes violations punishable with a fine or with one to ten years of imprisonment. Called the “Banning of Cryptocurrency & Regulation of Official Digital Currency…
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