The Indian government is considering launching its own crypto token for the country’s financial transactions, similar to the subway card token, rather than directly replacing the currency itself. According to reports, the Indian government is considering the introduction of a financial transaction for the country’s own encryption token, although the bank to the center of encryption money to implement the ban. The domestic publication DNA India reported that the intergovernmental committee responsible for researching and proposing a cryptographic currency industry regulatory roadmap is also studying the availability of public sector cryptographic certificates.
According to reports, the committee is focusing on the use of blockchain- based cryptocurrencies as currency tokenization, similar to subway card tokens, rather than directly replacing the currency itself.
The report quoted a senior official from the Ministry of Finance as saying:
The committee is studying whether it is possible to use crypto tokens to replace smart cards such as subway cards in the public sector. Similarly, in the private sector, it can be used for integrity programs, such as airline miles, whose use is limited to the purchase of the next ticket and cannot be converted into currency.
The Inter-Ministerial Committee (IMC), first established by the Ministry of Finance in early 2017, includes the Indian tax authorities, the Indian Ministry of Economic Affairs (DoEA) and other ministries, as well as representatives of the Central Bank of India and the National Bank.
The committee’s specific tasks are to review the status of domestic and international cryptocurrencies, to study the regulatory and legal frameworks adopted by other countries, and to study measures to curb money laundering before finalizing the sector’s regulatory framework.
Although the committee deferred the proposal, the Bank of India issued a notice in April 2018 requiring all regulated financial institutions (including banks) to ban all cryptocurrency companies.
DoEA Secretary and head of IMC Subash Chandra Garg told DNA
“This is a problem, and the technology involved changes from time to time. That’s why it takes some time,” although in a television interview in June, the official emphasized the committee. “Can complete [encryption regulations]” in the first two weeks of July.
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