India sends officials to the United States, Japan and Switzerland to study cryptocurrency and ICO

The Securities and Exchange Board of India (SEBI) has organized tours to other countries for its officials to study cryptocurrencies and initial coin offerings (ICO), according to its 2017-18 annual report.

The Indian authority reports that the authorities have already undertaken "study trips" specifically to study cryptocurrency and ICO at the Financial Services Agency (FSA), the Financial Conduct Authority (FCA) and the Federal Authority Financial Market Supervisory Authority (FINMA) of the United Kingdom.

took place to help officials "engage with international regulators and gain a deeper understanding of systems and mechanisms," the document states.

The report is not the first time that the Indian authorities have expressed interest in the way other countries approach cryptocurrency. For example, the Reserve Bank of India (RBI) also published its 2017-18 annual report in which the authority draws attention to different types of encryption throughout the world, in particular Japan and South Korea.

As Cointelegraph reported on 30 August, citing the annual report, the RBI is currently considering the possibility of issuing a digital currency of the central bank with a rupee.

The SEBI report enters into a contest of a controversial RBI decision that came into force on July 5 and involves a ban on banks' relationships with companies and people scrambled.

The Indian Supreme Court upheld the restriction of the RBI until the July hearing, which was later postponed until September 11th. The court also decided not to grant provisional measures to those affected by the ban.

Source link