The Internet and Mobile Association of India (IAMAI) has recently formed a blockchain committee to develop the new technology’s ecosystem in the country, in a move that counts on representatives from large, influential organizations.
According to Indian daily newspaper the Economic Times the IAMAI, whose goal is to “expand and enhance” India’s online and mobile sector, is looking to get the government and other organization in the country to look into distributed ledger technology (DLT).
One of the committee’s main goals, according to the report, is to advance job creation for the fintech industry. The committee will be chaired by the digital chief at Mahindra Finance, Tina Singh. She was quoted as saying:
Blockchain is undeniably the technology of the future, slated to bring decentralization and trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities and corporates.
Participants in the committee notably include representatives from organizations like Mastercard, Microsoft, IBM, India’s largest private bank HDFC, and major cryptocurrency exchange Zebpay.
Zebpay has, as covered, been forced to shut down over a banking freeze in the country. The exchange was responsible for playing a critical role in the cryptocurrency industry in India, as many entered the crypto space through its platform.
At the time, Zebpay justified the move stating:
The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business.
The exchange’s “curb on bank accounts” came after India’s central bank, the Reserve Bank of India (RBI), issued a banking embargo on cryptocurrency-related businesses in April of this year. It prohibited financial institutions to offer banking services to firms related to the industry.
The exchange still offers users in the country wallet services. Some of its users who decided to keep on trading moved to BitBns, an exchange that offered to pay transaction fees for Zebpay’s users. BitBns itself has been accused of inflating its trading volumes.
Another exchange, Unocoin, has reportedly found a loophole that allows it to continue operating in the country, using crypto ATMs. Despite the RBI’s clampdown on cryptocurrencies, the financial institution is exploring the “feasibility” of issuing its own crypto.
