In India the the process of cryptocurrency ecosystem will be concluded by the end of this year. The Government of India has been looking the positive side of both cryptocurrency and blockchain separately. There was a positive sign about its technology from central government and Reserve Bank of India(RBI) , India’s financial regulator. But on the opposite side showed disinterest towards cryptocurrencies.
In December 2017, the government formed a committee to give suggestions on cryptocurrencies on how it will be regulated. As per a Quartz report the committee was carried out by Subhash Chandra Garg, Secretary in Department of Economic Affairs who was asked to submit a report by the end of July but one of the senior officials declared it was a bit difficult to do.
The official refused to declare his identity commented,
There are lots of issues that need understanding and lots of studying needs to be done.
The panel is still seeing whether the technology can be introduced in India independently with regulation. The technology which is regarded as distributed ledger, a digital one that can be accessed by anyone on the internet.
The official said,
Blockchain is an interesting thing. We definitely want to milk it effectively for financial transactions. So all officials are really trying hard to understand how to separately use blockchain, without cryptocurrency. And understanding a new software takes time.
India’s cryptocurrency community met the government to give a clear idea about the new technology.
Ajeet Khurana, head of the blockchain and Cryptocurrency Committee said,
A public blockchain needs to have a token and you can’t have it by excluding cryptocurrencies. Moreover, a public blockchain is analogous to the internet and no one can control it.
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A social media geek, Chandrakana Ray loves to track every buzz around the ever volatile cryptocurrency market, swinging moods of the crypto titans and unearths more about blockchain technology to make it a pleasant read for crypto enthusiasts. As a Business Correspondent with Cryptodawn, her writings zero in on every development of cryptocoins with an aim to give the most of it. A gourmet, she delves into myriad culinary to satiate her gastronomic urge.