The SEBI market regulator has sent its officials to foreign countries to study the first offers of coins and cryptocurrencies, a move that will help in understanding systems and mechanisms.
Cryptocurrencies are digital units in which cryptographic techniques are used these "currencies" operate independently of a central bank, while initial coin offerings are equivalent to initial public offers in the stock markets.
The regulator organized study visits to the Japan Financial Services Agency, the UK Financial Conduct Authority and the Swiss Financial Market Supervisor Authority "to study the first offers of coins and cryptocurrencies," he said SEBI in its annual report for 2017-18. Study visits "help engage with international regulators and gain a deeper understanding of systems and mechanisms."
In addition, SEBI hosted a number of international organizations including regulatory bodies and corporate and ministerial delegations in the fiscal past
"These meetings promote deeper levels of cooperation, facilitate a better understanding of the Indian securities market and facilitate further collaboration with visiting institutions, "noted the Securities and Exchange Board of India (SEBI).
The government has already established an interdisciplinary committee chaired by Subhash Chandra Garg, Secretary of the Department of Economic Affairs, to examine the existing framework in relation to virtual currencies. Other members of the group include the president of the SEBI Ajay Tyagi and the deputy governor of the Reserve Bank of India, B P Kanungo. The committee has yet to present its report.
At the beginning of July, the RBI had told the Supreme Court that allowing transactions in cryptocurrencies like Bitcoin would encourage illegal transactions and has already issued a circular prohibiting the use of these virtual currencies.  While the cryptoinvestors filed a complaint against the ban, the Supreme Court had refused to revoke the RBI ban to negotiate cryptocurrency. The final hearing of the case is scheduled for September 11th.