India Looking Forward to Regulate Cryptocurrencies

Hi friends!

This week was buzzing with a lot of activities in Indian crypto-sphere.

Today was the first day of the biggest Government supported blockchain event Blockchain Summit India 2019 being held at IIM Lucknow's NOIDA campus at Delhi. This is the first time that the ministers & officers from all relevant government departments are coming together with crypto-experts, academicians, global blockchain-based businesses and entrepreneurs to learn about and speed up the process of regulating cryptocurrencies in India.

Tomorrow, the members of committee headed by Subhash Chandra Garg, Secretary of Economic Affairs, the Ministry of Finance are also expected to attend this summit. This committee is supposed to be in the final stage of drafting its report on cryptocurrencies.

The event is being conducted by The Department of Science and Technology along with Govt. of Uttar Pradesh and will see the participation from Ministry of Law and Justice, the Ministry of Commerce and Industry, the Department of Information Technology, and the Ministry of Human Resources.

Earlier this week, India's Union Home Minister Rajnath Singh inaugurated the nation's first Cyber Protection Awareness and Detection Center (CyPAD) & the National Cyber Forensic Lab (NCFL) at Delhi. These will help tackle cyber-crimes and carry out forensic crypto-analysis.

The new cyber forensic centre reportedly comprises of several units including:

  • cryptocurrency forensics lab
  • memory forensics lab
  • network forensics lab
  • malware forensics lab
  • damaged hard disk recovery lab
  • advanced mobile forensics lab.

This will equip and strengthen the government departments to curb the activities of cyber criminals and increasing scam and fraud cases in the crypto arena.

If criminal activities in cryptocurrency field is effectively controlled, it will contribute to create a positive image of cryptocurrencies before everyone.

Next week, the Supreme Court is expected to hear the Crypto - Exchanges' Bank Ban case against Reserve Bank of India. All eyes are set on it at the moment. But India is moving step by step towards developing a clear regulatory framework.

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