India: IT Industry Body NASSCOM Opposes Crypto Ban!
Finally NASSCOM decides to take a stand on this matter and has officially said that it opposes the move to ban crypto from India. In an article published by LiveMint as well as their Twitter handle, Nasscom has clarified why it thinks crypto banning is not a solution.
Industry body Nasscom (National Association of Software and Services Companies) has opposed the recent proposal for banning cryptocurrencies in India, saying it is “not a solution".
“Nasscom believes that the recent proposal of the Inter-ministerial Committee of the government to ban all cryptocurrencies barring those that are backed by the government, is not the most constructive measure," the industry body said in a statement. “Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens."
A government panel earlier proposed a draft bill titled Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019. The move, though not official yet, will make it illegal to deal in any cryptocurrency in India, which is not regulated by the government. That will include currencies such as Bitcoin, Ethereum, Ripple and more.
The case against the RBI was once against pushed forward and is likely to come up for hearing tomorrow at the Supreme Court. Our patience is being tested indeed!
Irrespective of what NASSCOM says, it won't be easy to get this government to understand the rapid changes in the tech sector. Dinosaurs continue to rule us from the parliament.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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Hi @firepower, why not start a drive to send letters addressing to PM or PMO? All Steemians from India or outside India even can send the letter. And for sending the letter they can win STEEM or upvotes or something like that. Let me know if you think this is a good idea. We can execute this in collaboration.
That's an awesome initiative to fight back this ban proposal and also to get some attention for steem in India. There are hundreds of Indians here who can participate in this. Please @firepower look in to this, we have great community here to make government to hear our voice.
I'm not sure that's viable and also with IT dept sending out notices again it may not be worth jeopardising your identity in this space. You are welcome to do it at your own volition. A better thing one can do right now is to answer this anonymous survey which Pocketbits is conducting in order to present to the govt: https://bitcoinindia.typeform.com/to/PybXxc
We could do this once we have better clarity on the matter. I don't trust the government to not use our information against us at this point if we write letters asking them to reject this bill.
This will be a nice initiative. Govt should know that there are many indians who wants crytpo regulations.
@firepower please see if this is possible.
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yes @firepower please take some initiative so that we may enjoy this blockchain platform without any risk.
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Finally some one big stood against this stupid and ignorant proposal made by people who don't have any clear knowledge.
If the crypto gets regulated instead of this ban , we can witness more startups and token stuff rise here.
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Looking at the govt stance...is it the time to power down on Steem. Or keeping all the rewards is safe with steemit ?
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I can't answer that as it's your own decision. But it doesn't matter as the government has no capability to track millions of people and everything they are doing online currently.