Crypto ban in India will encourage non-state players : BACC

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  • IAMAI believes a blanket ban on cryptocurrencies will encourage non-state players thereby leading to more unlawful usage of such currencies.

  • Blockchain and Crypto Assets Council (BACC), of Internet and Mobile Association of India, said in a statement that supported the use of cryptocurrencies only as an asset.
  • BACC added 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 taxes.
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