India is one of the countries that have shown massive interest in the blockchain technology as evident from the government move to regulate it. As noted in an article published on Crypto Slate, Reserve Bank of India has formed a special task force whose main role will be to explore the various uses of cryptocurrency and blockchain technology. The task force will also go an extra mile to establish the connection between cryptocurrencies and artificial intelligence.
Cryptocurrency Regulation in India
As noted in the local dairies a few weeks ago, Reserve Bank of India (RBI) is also planning to form a unit or body that will supervise this industry as well as other big data technologies. One of the goals of this regulatory body will be to come up with regulations and rules that are in line with the needs and expectations of the Indian people and businesses about cryptocurrencies and blockchain technology.
However, for the firm to be successful in regulating this ballooning industry, the government will need to have a deep and clear understanding of the technology. It will also need to look at the negatives and positive impacts that the technology might have on the industry if they are to succeed. Credible sources from the financial regulator has also revealed that this regulatory unit will first be adopted on an experimental basis as the impacts of the technology as still not yet fully clear. However, overtime its processes will be improved to ensure that it continues to stay abreast of the new blockchain technologies as well as trends in the market.
Market Analysts Supports the Government on This
Market analysts and business executives have expressed their support for this regulatory unit and hope that it will pave way for more adoption of blockchain technology across India. The analysts also hope that the regulations will prove to other countries especially those that are not sure that they should adopt the new technology that it is safe and has great potential.
A good example of a business executive who supports cryptocurrency regulation is Piyush Singh, a director at Accenture Asia Pacific. He is of the idea that regulation of cryptocurrency was inevitable considering the huge success that it has achieved over the last couple of years.
It is no secret that the cryptocurrency industry is the future of the finance industry. Digital currencies that were previously thought to have no impact on the industry such as Ether have proved their worth as evident from their current trading volumes on exchange platforms. Other countries should follow suit and come up with ideal regulations and policies that will minimize the risks associated with digital assets without compromising the growth and success of the industry.
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