The criticism came as the European Central Bank said it was working on a long-term plan to launch a public digital currency that could make projects such as Libra redundant
A ban would inhibit new applications and solutions from being deployed and would discourage tech startup, said Nasscom
The world is turning digital and crypto currency may change the dollar dominated world
Blanket ban on cryptocurrency isn't a good idea
In fact, in the first meeting of the committee, which was held on November 27, 2017, the committee had broadly agreed that "the banning option is difficult to implement"
On Wednesday, the chair of the Federal Reserve, Jerome Powell, said Libra raised a host of "serious concerns" around "money laundering, consumer protection and financial stability"
Facebook's plan for a digital currency called Libra has policy makers scrambling. The UK's three main financial regulators are working together on how best to respond
Central banks will have to respond to Facebook's Libra
Switzerland has tried to establish itself as a global cryptocurrencies hub, but the entry into the market of a behemoth like Facebook will increase scrutiny over the rules Switzerland has in place
It plans to create the world's first crypto City