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Has NASSCOM switched its opinion on cryptocurrency & e-cigarette ban in India?

NASSCOM went from calling ‘banning cryptocurrency’ a not so effective measure to asking people ‘let’s look at the positive sides’.

NASSCOM, the tech industry body of India, looks to have changed its view on the government’s ‘policy in progress’ on the ban of cryptocurrencies and ENDS (Electronic Nicotine Delivery Systems) & e-cigarettes. The trade association went from calling ‘banning cryptocurrency’ a not so effective measure to saying ‘let’s look at the positive sides’ at the NASSCOM Product Conclave 2019.

Taking a poll on the country’s crypto & e-cigarette stance, Ashish Aggarwal, the head of public policy at NASSCOM, said that looking at the positive side, if one looks at the software product policy itself, one needs to do precisely what the ecosystem requires. He added that presently, in 2019, India is a great place for tech startups. SEBI has been working proactively on easing out the crypto norms for the past 1-2 years.

Cryptocurrency ban & NASSCOM

With the unpredictability in the Indian crypto market, people often rely upon crypto news aggregators to attain the overall crypto trend in the market. It is imperative for investors & traders dealing in cryptocurrency to be up to date with everything happening with & to cryptocurrency almost in real-time, which is just another quality one needs to possess to be successful crypto-path.

In July, the Indian government proposed a complete ban on cryptocurrencies. The Inter-Ministerial Committee, led by Subhash Chandra Garg, also submitted a draft ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019’ that is presumed to be presented before the Parliament this Winter Session.

Contrary to its present take, NASSCOM earlier presented a similar statement like the crypto non-constructive measure statement about e-cigarettes.

Aggarwal said,

“On the side of crypto, globally, the regulatory regime is yet to emerge. And what India has done is ask banks not to deal with cryptocurrency, not the other manifestations of cryptocurrency technology. The legal framework for crypto is yet to evolve.”

He added that there was a harmony that blockchain needed to be promoted & regulated but was yet to accumulate understanding on how it could be done with or without crypto.