India is going ahead with its proposed plan to explore idea of blockchain technology despite the fact that the Reserve Bank of India prevents Indian banks from working with entities dealing in cryptocurrency. The Internet and Mobile Association of India has announced the formation of a new blockchain committee with a primary goal to identify new opportunities in this space.
The committee will help the government and startups alike develop a blockchain ecosystem across the country. It also hopes that creation of this committee will lead to creation of jobs and boost the country’s economy especially as new set of industries will be built around blockchain technology. The new committee formed by IAMAI is made up of representatives from companies like IBM, Microsoft, Mastercard, Zebpay and others.
IAMAI Forms Committee For #Blockchain . The group will identify opportunities and challenges and work with government, industry and #startups to develop the ecosystem. https://t.co/Ciu10RV7Kf @SecretaryMEITY @FinMinIndia @PMOIndia
— IAMAI (@IAMAIForum) October 16, 2018
“The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain,” Tina Singh, Chairperson of the blockchain committee told the Economic Times.
While Microsoft, IBM and others are working on new blockchain technologies that would be deployed into industries other than payments, the inclusion of Mastercard and Zebpay does seem interesting. Zebpay is a cryptocurrency exchange platform and earlier in the year, it removed the option for depositing and withdrawing Indian rupees.
Watch: An in-depth look at Cryptocurrency
The Reserve Bank of India believes that cryptocurrency lacks transparency and its introduction into the financial system could have negative effects. However, the deployment of blockchain, which uses a decentralized system could be beneficial for both existing enterprises and new ones that would be built in the next few years.