As the Indian government sails between uncharted waters of Cryptocurrency to decipher the future of the digital assets in the country, the Securities and Exchange Board of India (SEBI) ships off some of its officials across borders to study cryptocurrencies and initial coin offerings (ICO),
According to SEBI’s 2017 – 2018 annual report, The Indian regulator has organized “study tours,” to Japan’s Financial Services Agency (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the U.K. Financial Conduct Authority (FCA) for a better understanding of cryptocurrency and ICOs. The document states that the overseas adventure was to help officials
“engage with the international regulators and gain deeper understanding of the systems and mechanisms.”
Just recently, the annual report 2017-18 of the Reserve Bank of India (RBI) also stated that they are looking into types of crypto regulation worldwide, focusing on Japan and South Korea in particular. The report also expresses RBI’s intention to Explore the Feasibility of a Rupee-Backed Digital Currency.
This sudden inclination towards Crypto comes against a background of RBI’s controversial decision of banning banks’ to deal with crypto-related businesses and persons, effective from July 5. While Crypto investors in the company filed a complaint against the ban, India’s Supreme Court Refuses to Lift RBI’s Ban on Cryptocurrency Dealing. The final hearing of the case is scheduled for September 11.