NASSCOM released an official statement on Twitter to clarify its stand on the state and legality of cryptocurrencies in India. Reportedly, the President of the non-profit trade association, Debjani Ghosh had called cryptocurrencies illegal in India.
NASSCOM gets questioned on its stand
After the news of the controversial statement surfaced online, crypto startups and enthusiasts have quickly pointed out the flaw in the statement. Nischal Shetty, the Founder, and CEO of one of India’s exponentially growing crypto wallet startup, WazirX fearlessly questioned NASSCOM’s take on cryptocurrency.
In a tweet, he asked the trade association whether the news about Ghosh calling cryptocurrencies illegal in India was real. Furthermore, he went on to ask about the sections of the law that prohibited cryptocurrencies to hold a legal status in India. Moreover, to clarify, he went on to say that cryptocurrencies are not, in fact, illegal in India.
Association releases an official statement
The trade association was prompt enough to release an official statement to give rest to the rumors doing round on online news sites. They made it pretty vivid that the statement wasn’t their position and stance when it came to a domain like cryptocurrencies.
Furthermore, they say that the statement was only a repetition of the norm set by the Reserve Bank of India. They quote RBI’s instructions to prohibit cryptocurrency related trade with banks because of their vague regulatory status.
“We have only cited RBI’s stance and this doesn’t reflect our position on the issue. Emerging technologies are rapidly changing the way we do business. It’s pertinent that policymakers also continue to stay judiciously accommodative in order to ensure that regulations keep pace with innovation.”
Shetty applauded the trade association for putting out the statement.
Moreover, he went on to make it clear that crypto firms also tend to stay within the confinements of law.