Indian Blockchain Summit Might See Policymakers Push for Crypto Regulations

By Prashant Jha

Blockchain Summit India 2019 is a government-backed crypto event which might see many policymakers and notable names from the Ministry of Finance gracing the event. The summit is hailed as one of a kind since it is among the first summit backed by the State government of Uttar Pradesh.

The event is aimed at speeding up the policy-making process regarding cryptocurrencies in the country. According to the event website,

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

Blockchain India Summit: How it is Different From Previous Events Held in India

Blockchain and cryptocurrency have been a taboo subject in India for long, however, in the last couple of years as many other countries and regulators have decided to shed their hard-stance against cryptocurrency and find an in-between to work together. The same phase has arrived in India as well, and now government and policymakers are coming together to form crypto regulations.

Janina Lowisz, Marketing VP at Cashaa, the event’s fintech partner 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.”

The event would be conducted by the Department of Science and Technology and the State Government of Uttar Pradesh, and apart from them some of the noted government participants include Ministry of Commerce and Industry, the Ministry of Law and Justice, the Ministry of Human Resources Development, and the Department of Information Technology.

India Looking to Become a Blockchain-Powered Nation

India missed the dot com revolution in early 2000 and does not want to miss out on the blockchain revolution, which is already being pegged as the tool for the next industrial revolution.

India is finally emerging as one of the fastest growing economies and a major hub for industries around the globe. After years of thesis and expenditure into the research over regulating cryptocurrencies, the time has finally come to develop the policies which might set the future.