The Electronic Founder Foundation has called the ban a bad idea and is against India’s move to ban cryptocurrencies. News of India’s crypto ban has been in the media for months, and this has made crypto-related businesses propose government regulation as opposed to a ban. The organization wants India to regulate and not ban digital assets.
The group’s legal intern, Sasha Mathew, spoke on the nation’s move to outlaw the virtual asset and believes that the reason behind the government’s decision to ban the asset is due to their use for illegal purposes. Mathew opined that banning crypto to prevent it from being used for illegal purposes ignores the legal use of the digital asset. The digital asset space continues to grow, which has led to some illicit moves from bad actors.
EFF raises arguments against the crypto ban
Mathew believes that the government should not ban the asset due to illegal activities and opined that the virtual asset has legitimate and legal uses. The intern explained that it goes against the asset’s legal purposes and other purposes in the future.
The Electronic Founder Foundation, also known as EFF, calls the ban an overreaching prohibition that needs adequate control. The organization’s intern and one of the members, O’Brien, raised some arguments against the crypto ban.
The first argument raised by EFF is that cryptocurrencies promote financial inclusion. The group links this to India’s massive population of people that are yet to be banked. The argument explained that cryptos provide some services for people who are not banked. EFF also believes that the virtual asset gives balance in the world of financial inclusion.
The civil liberty organization cannot know how India wants to ban the assets due to their involvement in illegal activities and completely ignoring their use for legal purposes. Another argument raised by the duo is that the prohibition could significantly hurt citizens rather than protecting them.
Group tries to persuade India for enacting crypto prohibition
The report believes that once the prohibition takes place, residents would go to illegal sites to get transactions done without adequate protection. Another notable reason raised by the group is the prohibition is unreasonable and unenforceable.
The group believes that the country needs more policing and control to ensure that the prohibition is strictly followed. India has always had a controversial relationship with digital assets as past laws show that the government does not like virtual investments, such as Bitcoin and Ethereum.
Some reports shared months ago about how the nation would enact a law, which would prevent holding, transferring, selling, or doing other transactions with cryptocurrencies. Those who violated or infringed the law would face strict charges by the government. Nations have created numerous regulations to ensure adequate control of the growing industry, which has helped them reduce the incidences of crypto use for illicit purposes. However, some countries like India don’t want to regulate it, and they wish to ban digital asset and their usage completely.