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India's Largest Mobile and Internet Group Forms a Committee Solely for Blockchain

With a strong determination to promote the domestic blockchain ecosystem culture in the country, the largest and most influential internet group in India IAMAI (Internet and Mobile Association of India) has formed a committee solely for the blockchain technology.

IAMAI Forms Blockchain Committee

The newly formulated committee, together with the association as a whole is with the intention to have an all-inclusive system by involving the government, the private sector and every other related industry in order to develop a formidable ecosystem. As reported by the Indian Economic Times.
The report added that if this initiative materializes, it will definitely create more job opportunity for India’s teeming population especially in the new digital economy in the country. For a country like India, an initiative with the intention to create job opportunities is one usually embraced with open hands.
The blockchain committee is scheduled to be headed by Tina Singh, digital chief at private lending giant Mahindra Finance. The proposed chairperson in the publication while giving her take on the project stated that:

“Blockchain is undeniably the technology of the future, slated to bring decentralization and trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities, and corporates.”

Other highly placed members of the society and executives at major corporate giants spanning tech and financial sectors such as Microsoft, MasterCard, IBM and HDFC Bank, India’s biggest private bank are equally serving on this committee. This would, in turn, boost the integrity and credibility of the committee.

No to Cryptocurrency, Yes to Blockchain

Out of curiosity, the committee the founder of major Indian bitcoin exchange Zebpay, Sandeep Goenka. In the earliest phase of exchanges in the country, the app-only exchange held the position of the largest exchange before leaving the trading serving sector less than a month now. Though Zebpay still provides a wallet service to its users, the exchange stated that it was “unable to find a reasonable way to conduct the cryptocurrency exchange business” consequent upon the ban by the apex bank in India banning banks from providing services to exchanges and the crypto sector as a whole.
Even with the ban placed by the central bank of the country, there is still no legal framework for the crypto sector in the country. The formulation of this committee will further see to the adoption of the crypto bedrock technology into the country’s economy. Tina Singh also stated that;

“The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain.”

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