Nasscom says cryptocurrencies illegal, asks players to obey the law

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture

Nasscom president Debjani Ghosh Friday said cryptocurrencies were illegal as per RBI norms and asked players to obey the law and seek clarification from the government if they are unhappy with it.

"From Nasscom perspective, the RBI regulation clearly states that cyptocurrencies are illegal. 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 arent correct," she said.

Cryptocurrency players have reportedly raised concern over police action against them.

Founders of Unocoin, Sathvik Viswanath and B V Harish were recently arrested for opening Bitcoin ATM in the city in violation of RBI norms, police said.

Ghosh said Nasscom had not gone into the details of the Unocoin case and were waiting for it.

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

Nasscoms focus would be to say, how do you synergise technological development and policy making. I think that will be our focus," she said.



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