India Government-Backed Blockchain Summit Set to Ease Cryptocurrency Regulatory Pressures
India’s government is tough on the regulation of cryptocurrencies in the making transactions and use of digital assets in the country. This however seems to be changing as policy makers are being enticed by an upcoming blockchain conference backed by the Indian government.
The news reports state that India’s Ministry of Finance officials and those drafting the crypto law in the country will be in attendance on the 22nd and 23rd of February for the blockchain conference.
The blockchain conference is set to improve the functionalities in the governments by building an efficient and working blockchain ecosystem.
The blockchain conference will receive sponsorship from the fintech firm, Cashaa. Janina Lowisz, marketing VP of the firm was ecstatic bringing together players from the government to support the growth of blockchain technologies in the country. He spoke on the impact the invited guests have in the field of cryptocurrency saying ministries and universities will partner in making the conference a success.
The blockchain conference is supported by the Department of Science and Technology and the State Government of Uttar Pradesh giving it much credibility.
In light of this, reports state that the event will not only be attended by the Finance ministry officials but others in the Ministry of Law and Justice, the Ministry of Human Resources Development, and the Department of Information Technology.
India’s cryptocurrency regulation
Despite the recent step forward to accept cryptocurrency transactions and adoption in the country, the regulations set still limit growth of the industry. A committee headed by the Secretary of Economic Affairs, Subhash Chandra Garg, is tasked with drafting laws/regulations for cryptocurrencies.
The committee members are invited to the conference but Garg will not be able to make it due to other commitments outside the country. However, his team will be present in the conference on February 23rd to take notes on the progress to be made.
The banks in the country are still banned from carrying out any cryptocurrency related transactions, after a directive by the Reserve Bank of India. The case against this was appealed and is currently awaiting hearing from the Supreme Court by the end of February.
This move coupled with the directive to a top law firm, Nishith Desai Associates, to draft a crypto law framework shows promise for the industry in India.