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India Supreme Court Advocate Offers Crypto Regulation Ideas

India Supreme Court Advocate Offers Crypto Regulation Ideas

NS Nappinai, CIO of Economic Times, cyber law expert and Indian supreme court advocate, has offered the nation some ideas for cryptocurrency regulation in India, as reported by Bitcoin.com.

According to her, if done correctly, a crypto regulatory framework would go a long way towards enhancing openness in the government and industry, but warned against a “one size fits all” approach that would become a hindrance to the industry:

“Regulation would ensure transparency, oversight and accountability. The onus or burden on the government may be shifted to exchanges or other platforms offering virtual currencies or trading thereon.”

Nappinai suggested that the regulations use specific terms for the functioning of exchanges to regulate all the different types of digital assets that can be traded, their reporting methods, and restrictions, while incorporating investor protection provisions. Referencing a recent rumor about the ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019’,She even questioned the legality of banning cryptocurrency:

“There is also debate on whether cryptocurrency can be banned at all. After all how would the government enforce it without infringing on the privacy of all. Any form of electronic device may be used to store cryptocurrency.”

Her comments come during a time when the Reserve Bank of India (RBI), the central bank, has excluded crypto enterprises from participating in its new national regulatory sandbox, despite pressure from the fintech industry and other communities to do otherwise. RBI had, in January, also withheld from a previous plan to use a central bank digital currency.

 

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Indian Bitcoiners Wait and Watch with Facebook Coin

Indian Bitcoiners Wait and Watch with Facebook Coin

The Economic Times has reported that several significant Indian Bitcoin players and fintech startup owners are wary that Facebook’s proposed cryptocurrency project may not be all that it seems, and do not believe that it will require banks to transfer money or trade virtual currency.

According to some companies, Facebook’s rumored stablecoin project will be tested in India, and to ensure that it is legally compliant, it may bypass regulations that currently forbid banking channels being used for transactions involving cryptocurrency.

As such, Facebook would be expected to allow transactions happening peer to peer. This would mean, unlike local companies dealing with Bitcoin, Facebook’s system wouldn’t need bank accounts to transfer money.

Indian crypto exchange platform WazirX‘s founder Nischal Shetty said:

“If this (Facebook’s stablecoin) becomes a reality it will change the entire crypto industry… Facebook may not have to worry if the currency operates within their platforms. There isn’t a law which prevents users within a platform from exchanging value, for example, in the form of tokens, between each other.”

Another exchange, RupeeCoin, welcomed the news of Facebook but advised caution, saying:

“Anything like this which displays the usage of the technology by a legitimate player like Facebook or WhatsApp will bring a positive approach for the users. An interesting project to be deployed in India but, at least for us, something to be cautious about.”

 

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7 Banks Join Infosys Blockchain Trade Finance Solution

Multinational technology service and consultancy corporation Infosys, has created a blockchain-based finance solution utilizing a document tracking system.

The platform is currently used by seven banks in India. This includes Axis Bank, ICICI Bank, IndusInd BankNSE, Kotak Mahindra Bank, RBL Bank, South Indian Bank and Yes Bank.

India Trade Connect

As reported by the Economic Times, the solution has been entitled India Trade Connect, providing a facility for banks to track shared documents on the blockchain via an accessible platform. Several of the banks involved with the scheme have already reached the production-phase, while the rest are still testing the project.

Speaking to the news site, the chief business officer at Infosys Finacle, Sanat Rao, commented: “Trade financing is document-heavy and process-heavy. The blockchain solution allows this to happen in a digitized manner. Because of the network effect, where a buyer, the buyer’s bank, the seller and the seller’s bank are all on the platform, it creates a single source of truth.”

Rao continued to discuss the future prospects of the solution, outlining Infosys’ plans to include other lenders in the network, such as the Indian arms of international banks. International trade transactions are also on the cards in the foreseeable future, with talks already in motion with entities in Hong Kong and Singapore.

Infosys executives said that work on the India Trade Connect platform began last year. Rajshekhara Maiya, associate vice-president of Infosys Finacle product strategy, told the Economic Times: ”We are also in talks with the Reserve Bank of India for [the platform]. Regulatory overview of transactions typically happens as a post-mortem but if the regulators are party to the network, they can have a real-time view.”

It is still early days for the blockchain platform, with Infosys noting that the banking model is still flexible. Financial institutions involved are required to pay an initial fee when they enter the testing stage, with the latter stages necessitating either a purchased license or subscription revenue.

 

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