The Indian government working group proposes to implement blockchain technology in the country, focusing on financial services

The Indian government has established an inter-ministerial committee on cryptocurrencies, including MEITY (Ministry of Electronics and Communication Technology), Sebi (Indian Securities and Exchange Commission) and the Vice President of the Central Bank (RBI). The committee proposed to implement distributed ledger technology in India, especially in the financial services sector. The committee said: "Banks and other financial institutions can use DLT-based systems for loan issuance tracking, collateral management, fraud detection and claims management, and securities market settlement systems." According to previous sources, the committee recommended a ban In cryptocurrency, it is recommended to punish transactions that use cryptocurrencies and require the government to maintain an "open mindset" with the official digital currency.