The attempts of the authorities all over the world in order to better regulate the cryptocurrency market are not new. The latest development is from the Indian state of Karnataka which has now organized a seminar in order to better alert the government officials about the way in which cryptocurrencies can be regulated in a better way.
There is also a suspicion that after the seminar, there would be an announcement of the law or an act which would control the transactions in the cryptocurrency market. However, all is not lost according to a tweet by one of the ministers in the Karnataka government; the government would also be looking into the probability of using blockchain technology as well as Bitcoin in order to better the governments. If indeed, the state takes such a step, it would be a big boost to the use of blockchain technology as well as Bitcoin in India.
According to the government of Karnataka, one of the main reasons they are trying to switch over to the digital blockchain technology is to avoid any kind of fraud. Also, the government is attempting to levy goods and services tax on the transactions on digital currencies as well. It remains to be seen what effect this step would have as it can significantly increase the cost of transactions in the cryptocurrency market.
Also, many other states are planning to study the blockchain technology as well as cryptocurrencies in order to better regulate them. Some such states are Andhra Pradesh and Telangana. These states have often taken innovative steps in order to adopt new technology. They are not far behind when it comes to the blockchain technology as well. Already, these states are trying to integrate the blockchain technology with the land registration mechanisms in order to make it much more transparent.
Telangana state has actually gone a step further in order to integrate the blockchain technology with the Revenue Department. It remains to be seen how far, the states are able to progress when it comes to integration of various departments using the technology. Also, once the blockchain technology can be successfully used in order to integrate the various departments of the government and to make them more transparent, you can be sure that states not only in India but all over the world would actually use the blockchain technology in order to make such departments more efficient.