Indian Government Officials Tour Other Countries For Crypto Studies

Despite the country's hard-line stance against crypto, India isn't shutting the door completely on cryptocurrencies. The Securities and Exchange Board of India (SEBI) is organizing overseas tours for its officials to study crypto and ICOs.

India

India’s regulatory board, the SEBI, has revealed in its 2017-2018 annual report that they have sent officials on study tours to allow them to study cryptocurrencies and ICOs. The SEBI has sent its official to Japan’s Financial Services Agency (FSA), the U.K. Financial Conduct Authority (FCA) and the Swiss Financial Market Supervisory Authority (FINMA) in particular for their study tours.

The document states that the purpose of the study trips is to help SEBI officials “engage with the international regulators and gain a deeper understanding of the systems and mechanisms.”

Securities and Exchange Board of IndiaThe published report isn’t the first indication that the authorities in the country are interested in how other nations approach regulations on cryptocurrencies and ICOs. The Reserve Bank of India (RBI) also published their 2017-2018 report, with the RBI looking at crypto regulation in other countries, with a special focus on Japan and South Korea. The RBI is also studying the feasibility of issuing a central bank digital currency backed by the country’s national fiat currency, the rupee.

The report from SEBI comes on the heels of the RBI’s decision to ban financial institutions in India from providing banking services to cryptocurrency exchanges.

The country’s Supreme Court has decided to uphold the RBI circular until their next hearing on September 11. The high court has also opted not to grant any relief to exchanges affected by the ban.

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