DEA, India Reports that Cryptocurrencies and ICOs are Revolutionizing Fintech

in #india3 years ago (edited)

In a stark contrast to the draft bill on “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″ submitted a couple of months ago by an Inter-Ministerial Committee constituted in November 2017; a Report of the Steering Committee on Fintech Related Issues 2019 acknowledges the positive aspects of innovations like cryptocurrencies and Initial Coin Offerings.

Steering Committee Report on Fintech.png

Although this Committee was also chaired by Mr. Subhash Chandra Garg, the then Secretary of Department of Economic Affairs (DEA) under Ministry of Finance (MoF), it was constituted in March, 2018. This Committee also had Representatives from RBI and SEBI on its board. Deputy Governor of RBI and Chairmen of SEBI were among its Members:

Steering Committee - Members.png

While the earlier Committee report suggested a complete ban on Cryptocurrencies in the country, this 150 pages report on Fintech issues begins with a discussion on cryptocurrencies, blockchain technology and ICOs. It states:

The mechanisms surrounding cryptocurrencies, particularly the Blockchain and Initial Coin
Offerings (ICOs), are revolutionising the global fintech landscape. The issue of initial coin
offerings has emerged as an innovative way of capital raising by fintech businesses.

It observes the strong capabilities of digital token system as:

Use of digital tokens resolve the issue of multiple currencies, improves liquidity and
capital compliance costs, allows for micro-payments and expedites the payment process, which
further eliminates liquidity risks.

It also tries to give a definition for Digital Tokens and classifies cryptocurrencies into Utility Tokens and Security Tokens.

This is the first report by a Government body that talks about the positive aspects of cryptocurrencies and ICOs in so much detail.

However, it just seems to be a study and observation of developments in fintech space and this Steering Committee has not suggested any positive move to regulate cryptocurrency industry.

To me it occurs that it is only trying to make a case for Private or permissioned blockchains (only limited to stakeholders), esp. for cross border payment application. It also takes note of this 2017 news regarding Corda DLT development by R3: R3 and 22 banks build real-time international payments solution on Corda DLT platform.

Conclusion / My comment:


In conclusion, the media hype about some positivity around cryptocurrency in Indian Government on the basis of this report that was recently submitted to our Finance Minister is just that - hype. However, it is important to note that with this report, Government is finally trying to understand and acknowledge that cryptocurrencies has far broader dimension than just as a payment system or an alternative to fiat currency. This probably may help strengthening the IAMAI argument in the ongoing case against RBI in Supreme Court.

Sort:  

India has the second largest population in the world,
But very backward,
!trdo

Congratulations @cloudblade, you are successfuly trended the post that shared by @xyzashu!
@xyzashu got 6 TRDO & @cloudblade got 4 TRDO!

"Call TRDO, Your Comment Worth Something!"

To view or trade TRDO go to steem-engine.com
Join TRDO Discord Channel or Join TRDO Web Site

@xyzashu thanks for sharing this! What is even more disturbing, is how this is viewed from the outside. If there is no privacy act in india and people aren‘t able to exchange information without the means of coercion, then imagine value. I never believed in Democracy under many of the circumstances that governments in the world subject their citizens. It‘s almost like Farms and live stock. Well, if the falcons are locked up in a chicken cage and isolated from a globally emerging new economy, they will be left behind. Feels like a totalitarian regime.

Yeah, it feels worse than a totalitarian government. However people do have some tools for recourse like fighting for their rights in the Courts which some are already trying but you know how long it takes to get justice from the legal system! And on top of it, outcome is so much uncertain. Dunno where we're heading to!

Upfunding with !UFM 2

You have received UFM in your wallet!
1
You can use UFM for posting and curating content on https://upfund.me or to get a vote from @ufmbot.

You have received UFM in your wallet!
1
You can use UFM for posting and curating content on https://upfund.me or to get a vote from @ufmbot.

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

@xyzashu, Sometimes government do come up with surprises but we have to stay close to the reality and have to know the complete truth before reaching to any conclusion. Stay blessed.

Posted using Partiko Android

Yeah, nothing can be concluded. We can only wait and watch in an uncertain state. But that teaches you to be ready for all kinds of surprises ...to an extent that even surprises fail to surprise you!

Upfunding with !UFM 2

Yes, sometime what we get to experience prove as grand father of surprises. Let's see. 😁

Posted using Partiko Android

You have received UFM in your wallet!
1
You can use UFM for posting and curating content on https://upfund.me or to get a vote from @ufmbot.

You have received UFM in your wallet!
1
You can use UFM for posting and curating content on https://upfund.me or to get a vote from @ufmbot.

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Kindly stop these repetitive comments. Thank you.

Posted using Partiko Android

I apologize, internet service interruptions from hurricane Dorian caused a database error. It is being fixed right now.

Thank you so much for your kind update team and unfortunate to hear that. Hope that you'll are safe and healthy. Stay safe.

Posted using Partiko Android

Thanks for bearing with it, it was just some bug! The message post from UFM regarding this error is here:
UFM Service Knocked Out From Dorian.
Hope it won't be repeated henceforth.

And you're being paid an extra 10 UFM tokens by the UFM team for every repetitive comment you received as a gesture to sincerely apologize for this error. Truce!

Welcome and i can understand brother. Nothing is intentional. Thank you so much for yours and UPMEFUND team's kind gesture. Stay blessed.

Posted using Partiko Android

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Just hope for the best

Yeah, that's what the best we can do atm :)

Upfunding with !UFM 2

You have received UFM in your wallet!
1
You can use UFM for posting and curating content on https://upfund.me or to get a vote from @ufmbot.

Thanks for lovely initiative....it helps creator to boost of their work. I will.definately love to try it out and see how the payouts gonna effect...

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Look on a serious note, not sure what you are actually promoting here with so many unwanted comments coming in my inbox.
Simply I consider them as SPAM, which is kind of creating disrespectful environment ON steem. It would be better, if you comes across and clear your mission on discord, rather than creating disturbing messages. Hope you are matured enough to understand.

I apologize for the inconvenience this may have caused but it happened in error, please refer to this post for more details.

Non-issue...i checked but didn't saw any message....may be I checked some alt account....Steem on👍

Chill, it was just some bug! The message post is here:
UFM Service Knocked Out From Dorian.
Hope it won't be repeated henceforth.

And you're being paid an extra 10 UFM tokens by the UFM team for every repetitive comment you received as a gesture to sincerely apologize for this error. Truce!

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Look on a serious note, not sure what you are actually promoting here with so many unwanted comments coming in my inbox.
Simply I consider them as SPAM, which is kind of creating disrespectful environment ON steem. It would be better, if you comes across and clear your mission on discord, rather than creating disturbing messages. Hope you are matured enough to understand.

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Look on a serious note, not sure what you are actually promoting here with so many unwanted comments coming in my inbox.
Simply I consider them as SPAM, which is kind of creating disrespectful environment ON steem. It would be better, if you comes across and clear your mission on discord, rather than creating disturbing messages. Hope you are matured enough to understand.

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Look on a serious note, not sure what you are actually promoting here with so many unwanted comments coming in my inbox.
Simply I consider them as SPAM, which is kind of creating disrespectful environment ON steem. It would be better, if you comes across and clear your mission on discord, rather than creating disturbing messages. Hope you are matured enough to understand.

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Look on a serious note, not sure what you are actually promoting here with so many unwanted comments coming in my inbox.
Simply I consider them as SPAM, which is kind of creating disrespectful environment ON steem. It would be better, if you comes across and clear your mission on discord, rather than creating disturbing messages. Hope you are matured enough to understand.

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Look on a serious note, not sure what you are actually promoting here with so many unwanted comments coming in my inbox.
Simply I consider them as SPAM, which is kind of creating disrespectful environment ON steem. It would be better, if you comes across and clear your mission on discord, rather than creating disturbing messages. Hope you are matured enough to understand.

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Look on a serious note, not sure what you are actually promoting here with so many unwanted comments coming in my inbox.
Simply I consider them as SPAM, which is kind of creating disrespectful environment ON steem. It would be better, if you comes across and clear your mission on discord, rather than creating disturbing messages. Hope you are matured enough to understand.

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Look on a serious note, not sure what you are actually promoting here with so many unwanted comments coming in my inbox.
Simply I consider them as SPAM, which is kind of creating disrespectful environment ON steem. It would be better, if you comes across and clear your mission on discord, rather than creating disturbing messages. Hope you are matured enough to understand.

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Look on a serious note, not sure what you are actually promoting here with so many unwanted comments coming in my inbox.
Simply I consider them as SPAM, which is kind of creating disrespectful environment ON steem. It would be better, if you comes across and clear your mission on discord, rather than creating disturbing messages. Hope you are matured enough to understand.

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Look on a serious note, not sure what you are actually promoting here with so many unwanted comments coming in my inbox.
Simply I consider them as SPAM, which is kind of creating disrespectful environment ON steem. It would be better, if you comes across and clear your mission on discord, rather than creating disturbing messages. Hope you are matured enough to understand.

You need to own more UFM (5000 UFM Power in your wallet allows you to send 5 UFM per day, + 1 UFM for every 1000 Power after that.)

Look on a serious note, not sure what you are actually promoting here with so many unwanted comments coming in my inbox.
Simply I consider them as SPAM, which is kind of creating disrespectful environment ON steem. It would be better, if you comes across and clear your mission on discord, rather than creating disturbing messages. Hope you are matured enough to understand.