The government and regulatory authorities in India are not friends of cryptocurrencies. This is not a secret. However, during the upcoming Blockchain Summit India 2019, there might be some adjustments. The event will be graced by top members of the Ministry of Finance and other notable policymakers. This summit might be different from others because this is the first time the Uttar Pradesh state government is backing it. The goal is to create a regulatory framework around the use of cryptocurrencies in the country.
Blockchain India Summit 2019
In as much as cryptocurrencies and blockchain technology are not favorite subjects in India, there are still some policymakers and other members of the society who believe that the harsh stance India has against cryptocurrencies and blockchain technology can hinder innovation and economic growth in the country. This is why the government and policymakers have decided to work together to develop a clear regulatory framework rather than an outright ban of cryptocurrencies.
The marketing VP of the FinTech startup, Cashaa, Janina Lowisz said:
“This is the first time ministers from different departments within the country have come together to meet with experts in the blockchain space, global brands and leading universities to work on regulating cryptocurrencies.”
The Department of Science and Technology will conduct the event along with the state government of Uttar Pradesh. Others who would participate are the Ministry of Law and Justice, the Ministry of Commerce and Industry, the Department of Information Technology, and the Ministry of Human Resources.
India Aspires To Be A Blockchain-Powered Nation
India, as a nation, didn’t enjoy the dot com revolution. However, the country doesn’t intend to make the same mistake this time. This is why India is actively trying to understand blockchain. Blockchain technology is going to be the vehicle that will lead the world into the fourth technological revolution. The Indian government has realized this hence the adjustments.
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As one of the fastest growing economies in the world and a major host of industries, exploring blockchain technology might be just what India needs to get an edge over other fast-growing nations. Developing fair blockchain policies after many years of over-regulation is going to help India secure a spot in the new world.
Do you think the policymakers will be able to come up with favorable regulations that will promote blockchain innovation and boost economic growth in India after the summit? Share your thoughts below.