The government of India will be conducting a Blockchain Summit next week in a two-day event on February 22 and 23. Dubbed as the Blockchain Summit of India 2019, the event is supported by the Indian government’s Department of Science and Technology along with the State Government of Uttar Pradesh.
The event aims to speed up the process of introducing regulatory measures for the country’s blockchain and cryptocurrency industry. The participants of the summit include key officials and policymakers from the Indian Ministry of Finance. Furthermore, officials from the blockchain and crypto committee headed by Subhash Chandra Garg will also be attending.
The official website notes:
“The summit is targeted towards enabling Indian government and ministries to speed up the process of developing a ﬂourished blockchain and cryptocurrency ecosystem”.
Speaking to Bitcoin.com, Janina Lowisz, Marketing VP at Cashaa, the event’s fintech partner, said that “for the first time, the ministers from all relevant departments have come together with experts from the space as well as from leading universities and global brands to learn about and speed up the process of regulating cryptocurrency.”
Progress Made By India Towards Establishing Cryptocurrency Regulations
The special inter-ministerial committee for cryptocurrency regulations under Subhash Garg was set up in 2017. However, the committee made little progress in 2018 until the Supreme Court directed the government to arrive at a firm decision.
Over the last two months, the committee has accelerated its job while seeking expert opinions from other policymakers. Last month, Cryptoscanner reported that India has now entered its final stage of regulatory introduction.
To get a better idea of the global developments in the crypto sector, the Indian government also appointed law firm Nishith Desai Associates to seek inputs and suggestions for developing the regulatory framework.
In the past, the Indian government committee had considered an option to ban digital assets, however, the possibility wasn’t perceived seriously later on. The latest report suggests that the committee fears that cryptocurrencies could possibly impact the stability of India’s fiat currency Rupee.
Lowisz also confirmed that for the upcoming blockchain summit next month “Ministry of Finance officials will be there”. An invitation was also sent to Mr. Subhash Garg. however, he being outside for some official work, “his team will be there to take the notes on Day 2,” she said.