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Banning cryptocurrency in India is not constructive: Nasscom

A ban would inhibit new applications and solutions from being deployed and would discourage tech startup, said Nasscom

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

2 min read Last Updated : Jul 30 2019 | 11:43 PM IST

The Indian information technology industry body has opposed the recent proposal of the government's inter-ministerial committee to ban all cryptocurrencies barring those that are backed by the central government.

The National Association of Software and Services Companies (Nasscom) said on Tuesday, "Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens. A ban would inhibit new applications and solutions from being deployed and would discourage tech startups. It would handicap India from participating in new use cases that cryptocurrencies and tokens offer."