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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel