BENGALURU: Indian IT industry body Nasscom on Thursday said that Indian start-ups and entrepreneurs should understand the legal framework of the country and work within the same. Speaking to media persons during the Nasscom Product Conclave, Nasscom president Debjani Ghosh said start-ups should follow the law of the land.
The statement from the president of the country’s apex IT trade body cames after the arrest of start-up founders in Bengaluru for installing a cryptocurrency kiosk in the city. The police have arrested Sathvik Viswanath and B V Harish, co-founders of cryptocurrency exchange company Unocoin. The IT body also said that its stand on cryptocurrency was similar to the guidance issued by the Reserve Bank of India.
In April, the RBI had issued a circular banning the entities regulated by it from dealing in cryptocurrencies.
Further, the Nasscom president said it would focus on how to synergise technological development and policy-making. Nasscom also said the Indian legal system was evolving around new technologies, however, not quickly as technological changes were occurring.
When asked about the Aadhaar verdict and the new data privacy law, she said regulation was evolving in the country and will take its own time.
After the SC verdict on Aadhaar, there is confusion on how Aadhaar will be linked to various platforms.
“Earlier, what we have seen is that the start-ups give less importance to these legal issues; it is changing. They need to look at the legal matters more because people are in a digital economy where data is going to get even more regulated,” she added.
“These issues related to regulations will not be resolved in a day and it will take its own time to settle down,” Ghosh added.
“These issues related to regulations will not be resolved in a day and it will take its own time to settle down,” Ghosh added.