The Indian national Association of software and service companies (NASSCOM) has called on the authorities to accelerate the development and implementation of the legal regulation of kryptonyte. In the industry Association considers that legal clarity will increase investment in the sector and stimulate its growth.
On the Association’s Forum for technology and leadership Vice-President of NASSCOM Sangita Gupta (Sangeeta Gupta) presented a report on the situation in the industry, written in collaboration with the consulting firm Avasant. The paper argues that there is a need for greater regulatory certainty.
“Active, certain Advisory and regulatory approach to the blockchain will stimulate the growth of ecosystem in the country. Members of the industry in India is limited because of the precautionary approach to the regulation applied in relation to specific elements of the blockchain, such as bitcoin and digital assets,” the report says.
According to the authors of the document, legal uncertainty and tough stance of the Reserve Bank of India (RBI) and the government in respect of cryptocurrencies has led to the fact that the sixth economy in the world received only 0.2% of global investment in the blockchain. Venture capital industry and funding through ICO in total amounted to less than $8.5 million, outlined in the report.
NASSCOM and Avasant reminded that as a result of government policies, the company blockchain industry leaving the country and develop their business in Singapore, the UK and Malta.
Earlier, the President of NASSCOM , Debjani Ghosh (Debjani Ghosh), commenting on the arrest of the two co-founders of crypto currency exchange Unocoin for the installation of bitcoin ATM, said that the situation arose “because of the inability of politicians to keep pace with rapid technological changes”.
Recall that an interdepartmental group designed to develop rules to regulate the cryptocurrency market in India was established in the end of 2017. Its head, the Secretary of the Treasury for economic Affairs Subhash Chandra Garg (Subhash Chandra Garg), promised to submit a draft of the regulation until 31 March 2018. But throughout the year, the deadline was postponed first to July, to September, then December. By the end of the year, it was reported that the Commission recommends a complete ban of cryptocurrencies in the country.