Banning all cryptos will promote non-state players: BACC
New Delhi
25-November-2021
A blanket ban on cryptocurrencies will encourage non-state players,
leading to more unlawful usage of such currencies, the Blockchain and
Crypto Assets Council (BACC), a part of the non-profit Internet and
Mobile Association of India (IAMAI), said on Thursday.
The
statement from BACC, representing major crypto exchanges based in the
country, came after the government sought to ban all private
cryptocurrencies in the upcoming Crypto Bill 2021.
Prime Minister
Narendra Modi had earlier said that all democratic countries need to
work together on cryptocurrency and ensure that it does not end up in
the wrong hands which can spoil our youth.
The IAMAI said that it "fully concurs with this view and in its submission before the Supreme Court earlier listed several negative outcomes of a ban such as zero accountability and traceability of the origin and end usage of the cryptocurrencies, besides a complete evasion of taxes."
"A ban will also adversely impact retail investors. The Council has always argued in favour of prohibiting the usage of private cryptocurrencies as a currency in India by law since usage as currency is likely to interfere with monetary policy and fiscal controls," said the council.
The BACC said it believes that a smartly regulated crypto assets business will protect investors, help monitor Indian buyers and sellers, lead to better taxation of the industry, and limit illegal usage of cryptos.
Several high-profile meetings have been held to discuss the regulation of cryptocurrencies in recent days. The Parliamentary Standing Committee had also called for the regulation on cryptocurrencies and its ecosystem.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, seeking to prohibit all private cryptocurrencies in India, is set to be tabled in the Winter Session of Parliament, starting November 29. - IANS
More Headlines
AI-Enabled SaaS Platform Accacia Raises $6.5 Million in Funding
Natch Snacks and Recircles Team Up for Sustainable Waste Management
Hyderabad BJP Candidate Booked For Hurting Religious Sentiments
BJP Loses Veteran Malikayya Guttedar to Congress Ahead of Lok Sabha Elections
ED Attaches Rs 97.79 Crore Worth of Properties Belonging to Raj Kundra Under PMLA
AI-Enabled SaaS Platform Accacia Raises $6.5 Million in Funding
Natch Snacks and Recircles Team Up for Sustainable Waste Management
Hyderabad BJP Candidate Booked For Hurting Religious Sentiments
BJP Loses Veteran Malikayya Guttedar to Congress Ahead of Lok Sabha Elections
ED Attaches Rs 97.79 Crore Worth of Properties Belonging to Raj Kundra Under PMLA