MARKNetwork Blockchain: News Update from India

SCI grants the Union government a 4-week deadline to deliver crypto regulations

Short summary of the article:

“Do not get left behind”

»Indian Government and technology innovators are aggressively working towards wider adoption of blockchain and building cryptocurrency frameworks«

India_Blockchain

The conclusion of Blockchain Summit India held in IIM Lucknow on 22nd and 23rd Feb followed the Indian Supreme Court’s announcement asking the government to come up with regulation policies for cryptocurrencies.

On the Feb. 25 hearing, the Supreme Court has given Union of India one last opportunity to release crypto regulation, failing to do so, the Court will bring out its own policies. The court also stressed that post the 4-week window it will not entertain any crypto-related cases which will include all the RBI’s circular cases too.

According to RBI’s circular dated April 2018, the banks registered with RBI cannot deal with an entity who deals in cryptocurrencies.

Till date, Supreme Court has been supporting the circular but as per the 25th Feb announcement, if the government fails to produce policies within 4 weeks, the court will make a decision on the cryptocurrencies framework in India. Recently, the Indian governmental committees have raised concerns about the adoption of cryptocurrencies in India but other committees stress that the adoption is required.

Blockchain Summit at IIM Lucknow

The Blockchain Summit 2019 that concluded on 23rd Feb engaged more than 2300 participants and received significant support from government policymakers. The summit was inaugurated by Hon. Minister of Commerce and Industry Shri Suresh Prabhu. Other government agencies who supported the summit were Department of Science and Technology, NITI Aayog (National Institution for Transforming India) and State Government of Uttar Pradesh.

On the inauguration, Indian minister of Commerce and Industry announced that the Government of India and UAE have signed an agreement where UAE will support inject blockchain technology into Indian e-governance set up.

The summit that went on for 2 days in IIM Lucknow Campus engaged more than 80 global influencers from the blockchain fraternity. The industry leaders addressed 2300 participants from various parts of the nation.

Heavy participation was witnessed from premier institutes across India like ISB, IIT and IIM’s.

The government representatives and policymakers represented their views and discussed the impact of adoption of blockchain and formulation of cryptocurrency regularities in the Indian subcontinent in various panel discussions. Almost 10-panel discussions were conducted where the topics were spread across the horizons like the use of blockchain in Aadhar system, e-governance, controlling money laundering, refinement of supply chains, and regulatory frameworks of ICO and STO operations.

How does Indian Blockchain landscape look like?

It was India’s largest technology summit which bought together participants from multiple realms like government representatives, technologists, students, and venture capitalists and policymakers.

The IT giants who are supporting and fortifying the development of blockchain solutions in India like Engineers India Limited (EIL), IBM, Google, Cognizant, Auxesis, Tech Mahindra, and Accenture shared their presentations to the audience.

The summit also offered global startups like MARKNetwork an opportunity to present their solutions to the investors and participants. Shri Suresh Prabhu mentioned in his closing note that potential India is showing with it blockchain initiatives will definitely make the Government start thinking differently towards the technology and will expedite the adoption process.

To wrap

MARKNetwork team was excited to be at the Blockchain Summit. MARKNetwork is very soon coming up with a unified platform for quicker adoption of blockchain across multiple enterprises.

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