Cryptocurrency ban in India will lead to more unlawful usage, complete tax evasion, says BACC
IAMAI’s Blockchain and Crypto Assets Council (BACC) has said that a blanket ban on cryptocurrencies in the country will encourage non-state players, thereby leading to more unlawful usage of such currencies.
In his recent speech, Prime Minister Narendra Modi Minister had said, “It is important that all democratic nations work together on this (cryptocurrency) and ensure it does not end up in the wrong hands, which can spoil our youth.”
In a statement released to media, IAMAI said it fully concurs with the PM’s view and in its submission before the Supreme Court earlier it had 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
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