India’s Leading Internet Association Forms Blockchain Committee
A new committee has been formed to work with all stakeholders towards having a conducive environment for blockchain to thrive.
Top Executives To Be Part of India’s Blockchain Committee
India is on the list of countries keen on developing the cryptocurrency and blockchain sector. Recently, a number of firms in the country have taken steps to develop the domestic blockchain sector. A prominent internet association in India has established a committee whose role will be to solely explore the decentralized technologies.
Following the establishment of the committee, the IAMAI is now working towards partnering with the state and startups in the blockchain sector. The end goal will be to develop an ecosystem around blockchain. The news was confirmed by prominent media outlets in India.
The committee resolved to set up a domestic blockchain system that will lead to job creation on the subcontinent. The committee will operate under the stewardship of Tina Singh. Singh is the current head of the privately owned Mahindra Finance.
Speaking to media outlets, Singh stated that the blockchain technology is the next big thing. She pointed out that with blockchain, we will have accountability and openness in different business ventures. She, however, stated that, for smooth operation, the government should be on board, as well as already established firms in the sector.
Additionally, the committee is made up of top executives from different corporations such as IBM, HDFC and Microsoft. Prominent heads from the banking sector have also been brought on board.
Interestingly, Sandeep Goenka also sits on the committee. Goenka is the head of crypto trading platform Zebpay. An exchange that is mainly focused on bitcoin and was recently closed following a tough government crackdown. Despite closing the exchange operations, Zebpay is still offering its wallet services to its clients. Following a government directive, Zebpay stated that it found it hard to run the crypto exchange business in the country. This is after India’s Central Bank passed a directive that barred all banks from offering crypto to fiat services and vice versa.
A number of firms in the sector followed suit and closed their operations in India. However, some have vowed to stay put and face the regulations tussle.
Notably, India’s cryptocurrency sector has remained unregulated despite the Central Bank directive that took effect a few months ago.
Singh stated that to overcome such hurdles, they will have to engage different stakeholders and come up with the right content for the sector. The content will also assist in the development of skills. She pointed out that their ultimate aim was to create an economy where blockchain can thrive freely, with everybody reaping the benefits.