A blockchain summit supported by the government of India is attracting many policy makers with the aim of accelerating the development of cryptocurrency regulation in the country. Among the expected participants are officials from the Ministry of Finance of India and the panel currently in charge of drafting the regulatory framework for cryptocurrencies.
Promotion of the cryptographic ecosystem
Blockchain Summit India 2019 is supported by the Department of Science and Technology of the Government of India and the Government of the State of Uttar Pradesh. The event, which will take place on February 22 and 23, aims to accelerate the formation of blockchain and cryptocurrency policies for India. According to its website:
The summit is aimed at enabling the government and Indian ministries to accelerate the process of developing a bloc-chain and cryptocurrency ecosystem.
Janina Lowisz, vice president of marketing at Cashaa, partner of fintech of the event, told news.Bitcoin.com that “for the first time, ministers from all relevant departments have met with experts from space, as well as from leading universities and global brands to know and accelerate the process of regulation of the cryptocurrency “.
In addition to the Department of Science and Technology and the State Government of Uttar Pradesh, other government participants include the Ministry of Commerce and Industry, the Ministry of Law and Justice, the Ministry of Human Resource Development and the Department of Information Technology.
Ministry of Finance and Regulation Crypto
The regulatory framework for cryptocurrencies in India is currently being drafted by a committee headed by Subhash Chandra Garg, Secretary of Economic Affairs of the Ministry of Finance.
Lowisz confirmed to news.Bitcoin.com that “the officials of the Ministry of Finance will be there [at the summit]”. He also confirmed that “An invitation has been sent to Mr. Garg.” Noting that he himself is out of the country, he emphasized that “his team will be there to take notes on Day 2”.
The report containing recommendations for the regulation of cryptocurrency in India is in its final stage. However, there have been contradictory reports of what the recommendations imply. One source suggests a ban on cryptocurrencies while another discusses legalization with strong corridors.
The Finance Ministry also told Lok Sabha that “he is treating the matter with due caution,” and noted that “it is difficult to establish a specific timetable to present clear recommendations.” In January, the ministry invited the reputed law firm Nishith Desai Asociados to present its proposals for cryptographic regulation. Meanwhile, the banking ban imposed by the country’s central bank, the Reserve Bank of India (RBI), remains in force. The supreme court is ready to hear the petitions against this ban later this month.
With what cryptographic regulatory framework do you think India will arrive? Let us know in the comments section.