As cryptocurrency continues to garner more attention by the day, the Securities and Exchange Board of India (SEBI) is said to have started organizing tours for its officials to visit other countries in an attempt to study blockchain technology as well as initial coin offering (ICO)
Reports suggest that the Indian regulator has already commenced study tours particularly to study cryptocurrency and ICOs at Japan’s Financial Services Agency (FSA), the U.K. Financial Conduct Authority (FCA) and the Swiss Financial Market Supervisory Authority (FINMA).
The overseas digital currency study trips was reportedly organized to help officials from the regulatory agency engage with international regulators in an attempt to deeply understand the technology and how it works.
It would interest you to know that this isn’t the first time the Indian government is showing interest to understand how other countries approach cryptocurrency and ICOs. Some time ago, it was reported that the Reserve Bank of India (RBA) released its annual report detailing the different types of cryptocurrency and regulations backing them worldwide.
Also, it was reported on August 30, that the RBI is making conscious attempt to issue a Ruppe backed central bank digital currency. If this happens, it would be good news for crypto enthusiasts in the country looking for opportunities to invest in this incredible technology.
Interestingly, the SEBI report is coming against a backdrop of controversial RBI decision enacted in July which stipulates a ban on banks dealing with crypto related businesses and individuals.
And while the Indian Supreme Court had initially upheld RBI’s ban on cryptocurrency in July, the court later postponed the restriction to September. Nevertheless, the supreme court also ruled not to grant interim relief to those affected by the restriction.