Blockchain Summit backed by India’s Department of Science and Technology offers new hope to crypto-enthusiasts

Policymakers in India are being persuaded by a soon-to-be-held blockchain summit backed by the Indian government. The summit, taking place between 22-23 February aims to speed up the development of cryptocurrency regulations in India. Officials from the Indian Ministry of Finance and the panel drafting the regulatory framework for cryptocurrencies are expected to attend the summit, reported Bitcoin News.

This summit is supported by the Indian government’s Department of Science and Technology and the State Government of Uttar Pradesh. Apart from the aforementioned support, the Ministry of Law and Justice, the Ministry of Human Resources Development, and the Department of Information Technology are also participating as well. As per the summit’s website,

“The summit is targeted towards enabling Indian government and ministries to speed up the process of developing a flourished blockchain and cryptocurrency ecosystem.”

As per the publications, Cashaa is the upcoming event’s fin-tech partner. Cashaa’s Marketing VP, Janina Lowisz said,

“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.”

Currently, India has formed a committee headed by Subhash Chandra Garg, Secretary of Economic Affairs for drafting a framework for cryptocurrencies in the country. Lowisz confirmed to the publication that Ministry of Finance officials will be a part of the summit and that Subhash Chandra Garg has also been sent an invitation for the same. However, the head of the committee is out of the country and as per Lowisz, his team will be present to take notes on the second day.

According to reports, the Ministry of Finance has told the Lok Sabha that it is pursuing the matter with caution and noted that it is difficult to state a specific timeline to come up with clear recommendations. The ministry, back in January had invited a prominent law firm, Nishith Desai Associates to present its suggestions for crypto-regulation.

However, the banks in the nation have imposed a ban on any cryptocurrency related transactions, on the lines of the notice circulated by the Reserve Banks of India. The case with respect to the bans will be heard in the Supreme Court of India by February end.