Tuesday, November 30, 2021
News

Banning all cryptos will promote non-state players: BACC

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Thursday, 2021 9:15:06 PM IST
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 na/dpb

( 305 Words)

2021-11-25-15:08:04 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE SCIENCE NEWS
PC shipments in China grew 3% to reach o...
Global automotive sensor market to reach...
OPPO foldable phone may be called Find N...
Samsung Galaxy S22 phone sizes revealed ...
Ather Energy to set up 2nd manufacturing...
itel A48 now available at Rs 1,399 with ...
More...
 
INDIA WORLD ASIA
42 students at Telangana residential sch...
Winter session: Adhir Ranjan Chowdhury m...
Winter session: Sanjay Singh moves busin...
Proud to be suspended for raising voice ...
Five riding on a bike killed after being...
3.6 magnitude quake hits TN's Vellore...
More...    
 
 Top Stories
Sanjay Dutt expresses gratitude for... 
Amid Omicron concern, China to ship... 
Misconceived doubts, motivated prop... 
Wasn't expecting this type of pitch... 
MPs are suspended as their heights ... 
MSP procurement has doubled in comp... 
Tom Holland to return for another '... 
Poet-diplomat Abhay K to be guest e...