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Securities Exchange Board Of India (SEBI) Lays Down Plan For Studying Blockchain Technology

Blockchain news in India | Latest Blockchain news | Latest Blcockhain updates | Blockchain | Blockchain Technology | Blockchain Technology in India | SEBi and Blockchain

With the whole world taking note of Blockchain as a gateway to infinite possibilities, how can India be left far behind? Cryptocurrency market is slowly gaining impetus among Indian masses which has led Securities and Exchange Board of India (SEBI), its security market watchdog to shift focus to the nitty gritties of the digital currency operations.

(Related : What is Blockchain?)

A fintech initiative has been taken by SEBI which has established an advisory committee for conducting research on the Blockchain platform and other technologies making waves in the sphere of fundraising, asset management and post-trade settlement.  The committee will be chaired by Shri T.V. Mohandas Pai, former board member of Infosys the Indian IT giant and chairman of Manipal Global Group which focuses of providing educational services.  The committee will also try to induce an accommodative working environment in companies working in association with maiden products and services.

Blockchain Technology can find its use in the functioning of SEBI in days to come. However specific applications to be considered for the same have not been finalized yet. Committee on Financial and Regulatory Technologies has been given the task of looking after prospects of Blockchain usage in SEBI framework.

The latest statement released by SEBI has laid down its road map of seeking out solutions in technical fields like data mining, cyber security, information management, consumer protection, risk management and intermediary supervision by implementing state of art solutions like big data, artificial intelligence, distributed ledger technology, machine learning and data analytics.

This recent move of SEBI has urged regulators from other spheres to come ahead with their respective standings. CRFT is all set to draw up plans aimed at promoting new forms of innovation in finance spectrum. Such developments will surely be of much help to Indian government trying hard to regulate cryptocurrency activities.

Although no official announcement of the same has been made, insider news reflect certain officials pushing the cryptocurrency regulation with extra throttle towards its path of becoming a reality.

There is also a possibility that trading of cryptocurrencies like Bitcoin in India may come under the regulation of SEBI.

The Rise of Blockchain Technology in India

The government and the regulatory authorities are now getting serious for this new revolutionary Blockchain Technology. Recently, a news came in where a Politician and a member of the Indian National Congress from the state of Karnataka, tweeted that government will soon organize a seminar on Bitcoin and Blockchain Technology.

The Karnatka Government is showing some serious interest in Blockchain and cryptocurrencies. Various issues and opportunities related to Blockchain and virtual currencies will be discussed.

Apart from Karnatka, other states are also showing interest in Blockchain Technology. Recently, the “http://kryptomoney.com/india-enterprise-ethereum-allinace/” target=”_blank” rel=”noopener noreferrer”>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.

Not only government but Banks of India has also formed a consortium and has developed a product called “Bank-Chain” based on Blockchain Technology for improving banking activites.

To know more about Blockchain use cases in India, visit our Blockchain Section.

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Also Read:

India All Set To Experience It’s Biggest International Blockchain Event- India Blockchain Week 2017

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