Digital rupee rules sought

The plan to ban cryptocurrencies in the country, as suggested by a high level panel, is “not a solution,” and the government should work towards developing a risk-based framework to regulate and monitor them, Nasscom said on Tuesday.

“Nasscom believes that the recent proposal of the Inter-ministerial Committee of the government to ban all cryptocurrencies barring those that are backed by the government is not the most constructive measure,” the industry body said in a statement.

“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,” it said.