2018-10-18 18:29 |
The Internet and Mobile Association of India (IAMAI) announced on Oct. 15 through a Twitter post that it is forming a blockchain committee to work with the government and stakeholders to identify opportunities and challenges and develop the ecosystem.
IAMAI Forms Committee For #Blockchain . The group will identify opportunities and challenges and work with government, industry and #startups to develop the ecosystem. https://t.co/Ciu10RV7Kf @SecretaryMEITY @FinMinIndia @PMOIndia
— IAMAI (@IAMAIForum) October 16, 2018
The Indian government has shown a not-so-convincing attitude toward the positive regulation of cryptocurrencies. This comes after an impending court case on the ban of cryptocurrencies has been dragging for too long, with no clear sign of when or how it will end.
India’s Step in the Right DirectionThe new committee is headed by some prominent figures, sparking hope that it will show some teeth and collaborate with various stakeholders, particularly the government, to shape the future of the industry.
The newly set up committee is chaired by Tina Singh, a chief digital officer at Mahindra Finance, and co-chaired by Prasanna Lohar, head of innovation and architecture at DCB Bank Limited. Other notable figures include Manish Gupta of Mastercard; Sandeep Goenka, founder of Zebpay (the first and largest cryptocurrency exchange in India with two million users); and other high-ranking officials from Microsoft, IBM, HDFC Bank, and Sofocle Technologies.
The Economic Times quoted Singh as saying:
“Blockchain is undeniably the technology of the future, slated to bring decentralization, trust, and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities, and corporates.”
Lohar shares Singh’s sentiments and believes that the technology has the potential to develop but can only thrive if the regulatory conditions are conducive.
Lohar’s sentiments cannot be further from the truth. Jurisdictions with favorable blockchain and cryptocurrency regulatory frameworks have become hotspots for new and existing start-ups within the industry. Malta is a good example, and its Prime Minister, Joseph Muscat, recently addressed the United Nations in New York, where he told the present heads of states that “solutions do not come from closing doors.”
India Is Taking Its Time to Accept CryptocurrenciesWhen it comes to crypto regulation, India is moving in the slow lane and does not feel pressured to move at the pace of leading crypto hubs.
The Reserve Bank of India issued a circular on April 5 banning any dealings with cryptocurrencies. The ban was challenged, and the matter was taken to the Supreme Court and has been dragging on since then.
On a good note, the Securities Exchange Board of India (SEBI) sent its officials to several countries to study how they regulate cryptocurrencies. This was viewed as a positive development as it showed that the regulator was willing to understand the technology before making a regulatory decision.
India is set to have its first set of cryptocurrency ATMs installed by Unocoin in the not-so-distant future. Lohar thinks that blockchain technology can play a significant role in changing the fortunes of India’s economy.
India: New Committee Formed to Push Government’s Involvement in Blockchain Technology was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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