As controversial as cryptocurrency is in India, the atmosphere seems to be changing, however slowly. According to the Security and Exchange Board of India (SEBI) Chairman Ajay Tyagi, blockchain technology and all of its possible uses should be exploited by the country and the Board.
Tyagi made these comments as part of his speech yesterday, at a conference tagged “Changing Landscape of Securities Market”. Put together by the National Institute of Securities Markets, Tyagi offered a vote of confidence for new technology including artificial technology and blockchain as well.
“Application of … blockchain tools has the potential to bring a paradigm shift in the securities markets landscape. Amongst other applications, blockchain could be used in clearing, settlement and record-keeping given its benefits in maintaining records in distributed ledgers, while still being a single source of truth.”
He also believes that these new technologies can easily be used to ensure the securities market has better integrity. According to him, at the moment, too many people get away with unlawful acts because fishing these things out with traditional methods doesn’t work. Tyagi believes new technology will keep the market running more lawfully.
Kryptomoney recently reported that the Reserve Bank of India (RBI) clarified its position on cryptocurrencies, saying that there is no blanket ban on the sector.
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