According to Cointelegraph reported on January 28, a draft national strategy on blockchain and distributed ledger technology in India proposed the establishment of a central bank digital currency (CBDC), digital rupee and national blockchain.
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The National Intelligence Governance Institute (NISG), a non-profit public organization formed by the Indian government, recently released a draft document on India's national blockchain strategy. The document was released on December 30, and the strategic draft was reported on January 28 by major local media such as the Economic Times of India.
Digital rupee should be issued on India's national blockchain
In this document, NISG proposed a digital currency central bank digital rupee (CBDR) issued on a state-licensed blockchain. The NISG “strongly recommends” the issuance of CBDRs by the Indian government and the country's central bank, the Reserve Bank of India. The document reads:
"The Indian government is strongly recommended to work with the Reserve Bank of India to launch the Central Bank Digital Rupee (CBDR), which is managed by a publicly licensed blockchain, as an alternative to public blockchains such as Ethereum that use native cryptocurrency operations. The blockchain processes transactions through the Turing Complete Virtual Machine, allowing decentralized applications to run on its platform. "
"Tap-and-click" regulatory approach addresses current lack of clarity
The NISG also outlines the legal challenges currently facing the industry in India related to a lack of regulatory transparency. The agency therefore urges Indian authorities to issue official statements, not just public statements, to develop and promote regulatory transparency in the industry:
"Public statements, whether published through news or formal speech, are useful, but these are not formal application statements from the agency. If an agency intends to implement its laws in new and innovative ways, it must do so with the intention And the way in which existing laws apply is to first inform industry stakeholders. "
In addition, the agency also suggested adopting a "touch-based regulatory approach" in the initial stages of the development of the Indian blockchain industry. The NISG said that India's existing regulations were "too restrictive" and did not take into account the development potential of emerging technologies.
Indian central bank says crypto currency has not been banned
A few days ago, the RBI stated that the country has not banned virtual currencies and detailed the reasons for banning regulated entities from providing crypto asset services in the country. According to reports, the Bank of India banned Indian banks from providing cryptocurrency-related services in the country in 2018.
The central bank issued the statement during a court hearing against the bank by the Indian Supreme Court. Earlier, a coalition of crypto companies and experts sought to repeal the crypto ban issued by the RBI.
Author: Helen Partz
Source (translated): Babbitt Information (http://v1.8btc.com/550321)