The Government officials in Karnatka, India will soon organize a seminar to discuss the usage and adoption of Blockchain Technology and cryptocurrencies like Bitcoins.
Various issues and opportunities will be discussed related to Blockchain and virtual currencies.
It was announced by the Politician and a member of the Indian National Congress from the state of Karnataka, Mr Priyank Kharge.
Kharge Tweeted:
It seems like cryptocurrencies like Bitcoin and the underlying technology behind it i.e, Blockchain is now being looked seriously by government. And it should be as it is now a global topic and governments of various countries are taking steps on it.
A few months ago, there was no clear indication by Government of India with respect to legalization and regulation of Bitcoin, world’s first decentralized crypto currency.
But then suddenly, a BJP MP described Bitcoin as a ponzi scheme in a parliament session.
The statement caught the fire and Indian media without any facts started claiming Bitcoin as Illegal in India. At that point of time Bitcoin was neither legal nor illegal.
Few days after that incident, the government established an inter-disciplinary committee to examine virtual currencies such as Bitcoin.
The committee examined and gave positive results and suggested government to regulate it. The government further established another task-force committee which will study how to regulate Bitcoins and other virtual currencies for coming six months.
In last month, The Finance Minister of India, Mr. Arun Jaitley held a private meeting with top officials to discuss about regulation of Bitcoins.
Click here to read a latest article describing the current state of Bitcoin in India.
As the Bitcoin is still in grey area in India, Bitcoin scams and controversies are rising.
Recently, a man in Uttar Pradesh robbed another man’s Bitcoin on Gunpoint. The robber demanded the password of the victim’s Bitcoin wallet address.
To prevent more scams in future, Indian government is making efforts with respect to legalization of virtual currencies or digital currencies. As the market size of cryptocurrencies is rising, the number of investors are also increasing in the market.
With rise in number of investors, the number of frauds and scams are also increasing.
If a news from a leading News publication of India is believed, the government may introduce Goods and Service Tax (GST) on Bitcoins transactions.
Also, regulation of Virtual currencies may come under either Securities and Exchange Board of India (SEBI) or Reserve Bank of India (RBI).
Apart from Karnatka, other states are also showing interest in Blockchain Technology.
Recently, the Indian state of Andhra Pradesh joined Enterprise Ethereum Alliance . The state of Andhra Pradesh has become the second government to join Enterprise Ethereum Alliance after the US state of Illinois.
Andhra Pradesh and Telangana are advancing projects aimed at integrating Blockchain technology in their land registry systems. The projects are part of the digital reworking of the land registration process in both states.
Moreover, the Telangana government is also planning to use Blockchain to improve the operations of its Revenue Department. The project will be supported by India’s Center for Development of Advanced Computing (C-DAC).
Aart from state governments, Banks of India has also formed a consortium and has developed a product called “Bank-Chain” based on Blockchain Technology for improving banking activites.
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