Indian govt mulls allowing crypto tokens in some public sectors
Indian government is considering launching of its own crypto tokens for financial transactions in some public sectors of the country amid the ongoing embargo on banks in dealing with decentralized cryptocurrencies.
The government’s Inter-Ministerial Committee entrusted with the task of studying and proposing a roadmap to regulate the cryptocurrency sector has also been assigned to examine the issues relating to usability of crypto tokens in the public sector.
Initially, the committee is learnt to be examining various aspects of using the custom blockchain-based crypto tokens in place of smart cards, such as metro cards, in the public sector. In this case, the token will not be direct substitute to fiat currency.
Before placing a proposal of a regulatory framework for the public sector, the committee will thoroughly examine the status of cryptocurrencies both at home and abroad, regulations and legal frameworks adopted in other countries, and also examine steps to check money laundering.
Mumbai metro image from Shutterstock.
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