According to the 2017-2018 annual report of Securities and Exchange Board of India (SEBI), they sent their officials to such countries as Switzerland, Japan, and the United Kingdom to learn about crypto technologies. They studied initial coin offerings known as ICO and cryptocurrencies.
The attended institutions
The report says that the SEBI representatives attended came from institutions such as the U.K. Financial Conduct Authority (FCA), Swiss Financial Market Supervisory Authority (FINMA), and Japan’s Financial Services Agency (FSA). According to official information, they took study related tours related to ICO and cryptocurrencies. According to the document, the international trips helped the officials to “engage with the international regulators and gain a deeper understanding of the systems and mechanisms”.
This is not the first time when the Indian government expressed interest in how other countries implement modern technologies. As these countries are among the leaders in the crypto world, the Indian government focused on their experience. They studied how to regulate the crypto community, implement the legislation and focused on South Korea and Japan in particular. All this was reflected in the Securities and Exchange Board of India annual report.
Official stance on the crypto operations
At the end of August, some Indian news agencies reported that the Indian Central Bank considered creating the rupee based cryptocurrency. At the same time, Securities and Exchange Board of India report says that the body did not allow any operations with digital money.
In addition, the Supreme Court of India supported the SEBI’s restriction and prolonged it by September 11. The court also ruled not to provide an additional help to all the parties affected by the ban.
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