Inside money, markets, and big tech

India’s biggest internet association forms committee to build a ‘blockchain ecosystem’

This is more than village greens and bake sales

blockchain, committee, india, 2 bitcoin, cryptocurrency, regulation

Despite the Reserve Bank of India’s directive that prevents Indian banks from working with cryptocurrency businesses, the country is still forging ahead to explore blockchain technology.

In a tweet yesterday, the Internet and Mobile Association of India announced the forming of a blockchain committee.

The committee will help the government and startups alike develop a blockchain ecosystem across India. It’s hoped this support will create jobs and boost the country’s economy.

“The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain,” said the blockchain committee’s chairperson, Tina Singh to the Economic Times.

The committee is made up of representatives from the likes of IBM, Microsoft, Mastercard, and Zebpay among many others, the Economic Times reports.

Zebpay’s inclusion in this committee is particularly interesting given that earlier in the year the cryptocurrency exchange platform removed the option for depositing and withdrawing Indian Rupees.

Perhaps India is just trying to get its head around the decentralized technology before making any more regulations.

Have you heard of Hard Fork Decentralized? Our three-day event centers around the future of blockchain and cryptocurrency. We’re currently offering an 85-percent discount on tickets. You might be eligible – check it out!

Published October 17, 2018 — 08:30 UTC