Just like its rival country China, India has also shown a very aggressive side towards the cryptocurrency industry since 2017. Back in 2017, the regulatory authorities in India started injecting fear inside the Indian crypto-community that they would be banned in the country.
Since then, the entire cryptocurrency industry in India has been living in the fear of being shut down by Indian regulators. As the cryptocurrency industry gained prominence throughout the world in 2020, the small arguments between Indian regulators and the crypto-community became all-out feuds.
While the public of India is moving towards cryptocurrencies, the Reserve Bank of India (RBI) is constantly narrowing the path for cryptocurrencies in the country. This has made the entire Indian crypto-community very disappointed and angry at the RBI.
Surprisingly, the rest of the regulatory authorities in India are also following in the footsteps of the RBI. They are also showing a cold shoulder towards the cryptocurrency sector, but they also want to keep a check on it.
Therefore, a securities regulator in India now planning to adopt blockchain technology in order to keep a close check on cryptocurrency firms in the country. The regulatory authority has announced that the reason behind the development of the blockchain system is to monitor financial instruments and transactions taking place in the space.
The particular firm that has made the announcement in regards to the adoption of blockchain technology is the Securities and Exchange Board of India (SEBI). Just recently, the SEBI has announced that it is going to adopt blockchain technology and increase its utility.
The regulator has revealed that it will continue increasing its exposure to blockchain technology over time. The regulator is going to do it in order to fully monitor the cryptocurrency market as well as its instruments.
The SEBI has revealed that it plans on adopting blockchain technology in the upcoming year. This is one major hint from the regulatory authority’s end that there still might be hope for the crypto-industry to remain in the country.
If the regulator is aiming to monitor cryptocurrencies even in the year 2022, then it means that the RBI may not pursue its efforts of getting cryptocurrencies banned. This may come as a positive sign for the cryptocurrency industry in India, and it may continue growing in the region.
If the RBI and other regulatory authorities let the crypto-industry grow in India, it will become one of the largest crypto hubs in the world. Through cryptocurrencies, the government of India can generate billions through taxation and boost its economy in the upcoming years.
It is already proven that the people of India are tech-savvy just like the South Koreans and Japanese. If the crypto-industry is allowed to grow in the region, it would help the entire poverty line in the country.