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Banning cryptocurrencies could lead to more unlawful usage: Industry body
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business-standard.comThe Blockchain and Crypto Assets Council (BACC), which is part of the Internet and Mobile Association of India (IAMAI) on Thursday said a blanket ban on cryptocurrencies will encourage non-state players, thereby leading to more unlawful usage of such currencies.
BACC's statement comes days after the government listed for introduction in Parliament a bill to ban all private cryptocurrencies, with some exceptions.
In a statement, IAMAI said there would be 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, it added.
The Council has always argued in favour of prohibiting the
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