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Tech Giants Fighting for Cryptocurrencies in India
(Source: Mobility India)
Looking to advance the development of the domestic blockchain ecosystem in India, the country’s influential internet industry association has formed a committee dedicated to promoting the decentralized technology.
India’s influential internet industry association decided to come together and form the Internet and Mobile Association of India (IAMAI). According to an October 15 report from the Economic Times, the committee will be chaired by Tina Singh, Chief Digital Officer, Mahindra Finance and co-chaired by Prasanna Lohar, Head –Innovation and Architecture, DCB Bank Limited.
IAMAI has confirmed the launch of the new committee in an October 16 tweet, saying the group will identify opportunities and challenges and work with government, industry, and startups to develop the ecosystem.
Committee Chair Tina Singh said she believes blockchain is the “technology of the future” that will bring in a new era of trust and accountability for businesses not just in India, but worldwide. However, she stated that in order to be more effective and enter the mainstream, blockchain technology needed the intervention of government bodies, regulatory authorities, and corporates, which is where the committee would step in.
Blockchain Committee co-chair Prasanna Lohar echoed Singh’s sentiments, saying the committee would look for ways to push innovation forward and make blockchain a “radical change agent” in India’s economy. Lohar added that the committee would do its best to help the technology develop within “the right regulatory frameworks.”
Government Crackdown Not Slowing down Crypto Expansion in India
Despite an unwelcoming stance, the government has taken on cryptocurrencies; there’s been a steady increase in the number of both major financial institutions and startups in India exploring the applications of blockchain technology.
Back in August 2018, The Reserve Bank of India (RBI) had formed a new unit within the central bank to beef up its intellectual capital in the face of emerging technologies like cryptocurrency, blockchain and artificial intelligence. Indian cryptocurrency exchange Unocoin is also about to launch the country’s first crypto ATM, adding to the tech boom.
The increase in investor interest in blockchain technology is also mirrored in the IAMAI’s team. The committee includes several prominent executives at major corporate giants spanning tech and financial sectors such as Microsoft, Mastercard, IBM and HDFC Bank, India’s biggest private bank.