India’s IAMAI to Form Blockchain Committee Despite Looming RBI Crypto Ban Ruling
Indian Internet Association Wants to Build a Blockchain Committee With Important Figures
A new focus group will be formed by the Internet and Mobile Association of India – also known as IAMAI. The main intention behind it is to attract important players from the crypto space and have a decisive role in the Indian cryptocurrency market.
The Reserve Bank of India has taken different measures that damaged the whole virtual currency industry in the country. And indeed, some exchanges had to halt their operations due to these regulations.
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 information about the new focus group has been released by the official Twitter account of the Internet and Mobile Association of India Forum on October 16. As per the Economic Times the Blockchain Committee formed by the IAMAI will be working in order to help Blockchain technology fulfil its potential of facilitating job creation in the country.
Furthermore, the committee will be chaired by important figures in the local cryptocurrency space. Among these individuals, we find that Tina Singh, Chief Digital Officer at Mahindra Finance, will be the chairman of the Committee. Rasanna Lohar, Head Innovation and Architecture at DCB Bank Limited will be the co-chair.
Tina Singh commented about it:
“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.”
She then explained that the IAMAI Blockchain Committee will be creating a dialogue between stakeholders, curate and create content and promote a participative economy using blockchain technology.
Furthermore, the committee is also formed of representatives from other companies such as IBM, Microsoft, Mastercard, and Zebpay. Zebpay has recently announced that users cannot deposit or withdrawal Indian Rupees from their platform.
Clearly, this committee will have a positive impact in the local cryptocurrency community and could eventually help the government to re-formulate some regulations imposed on the market during this and the last year.