Invest at your own risk!
No Result
View All Result
Advertise
Submit a Press Release
Contact Us
Coindoo
  • Cryptocurrency News
    • All
    • Bitcoin News
    • Cardano News
    • Ethereum News
    • IOTA News
    • Litecoin News
    • Ripple News
    • TRON News
    PrimeXBT

    PrimeXBT Lead Analyst Kim Chua: The Cause of BTC Supply Crisis and Why It Will Get Worse

    XRP price prediction

    Ripple (XRP) Price Prediction and Analysis in January 2021

    PayPal

    PayPal Plans to Perform Crypto Transactions | Will It Get Bitcoin to $15.000?

    Sports News Apps

    The Best Classic Sports News Apps to Keep You Up-To-Date

    wire act

    What the Wire Act Means for Cryptocurrency

    cryptocurrency apps

    Cryptocurrency Apps Every Trader Should Have in 2020

    Trending Tags

    • ethereum
    • ripple
    • Tron
    • bitcoin
  • Analyzes & Reviews
  • Guides & Tutorials
    casinos

    How Cryptocurrency Is Making Casinos Safer?

    Ethereum

    How to Invest in Ethereum (ETH) Futures – Ultimate Guide for Beginners

    Bitcoin casinos

    Most Common Coins Used to Play at Bitcoin Casinos

    crypto casinos

    Was 2020 the Year of Crypto Casinos?

  • Events
No Result
View All Result
Coindoo
No Result
View All Result
Home Cryptocurrency News

Indian Government Looking into Crypto Token Use for Public Sector

Anca F. by Anca F.
August 14, 2018
in Cryptocurrency News

India’s government is reportedly looking into use cases for crypto tokens in the public sector, in spite of the current ban on decentralized cryptocurrencies instated by the country’s banks.

The same governmental committee which was appointed to study and create regulations for cryptocurrency-related matters is also exploring what appliances crypto tokens might have in the public sector, according to sources cited by publication DNA India.

It has been reported that the committee is considering using a custom blockchain-based crypto to represent fiat currency in a tokenized way as opposed to directly substituting the currency on its own. Such token will be used as metro card tokens.

A senior official from the country’s finance ministry stated in the report:

Invest at your own risk!

“The committee is examining if crypto tokens can be used to replace smart cards such as metro cards in the public sector to start with. Similarly, in the private sector, it can be used in loyalty programs such as air miles where its use is limited to buying the next ticket and can’t be converted into money”.

The Inter-Ministerial Committee (IMC), first created by the Ministry of Finance last year, comprises out of India’s Department of Economic Affairs (DoEA), India’s taxation authority, and several other ministries in conjunction with representatives from the country’s central bank and the State Bank of India, the nation’s largest bank.

The committee has the specific task of looking into the status of cryptocurrencies both nationally and internationally, examine regulatory and legal agendas implemented by other countries in addition to studying measures to reduce money laundering worries before finally issuing national regulations for cryptos.

While the committee is mulling over the proposal with major postponements, India’s central bank issued a ban in April 2018 which prohibited all regulated financial institutions including banks to not offer any of their services to all cryptocurrency companies.

“This is a difficult subject, involving technology which is changing every now and then. That’s why it is taking some time,” DoEA secretary and head of the IMC Subash Chandra Garg told DNA, despite a televised June interview wherein the official stressed the committee was “in a position to wrap this up [crypto regulations] in the first fortnight of July.”

Tags: ban on cryptocurrenciescrypto-tokensIndia’s governmentindian bankspublic metro tokens
Anca F.

Anca F.

Related Posts

Governments vs. Cryptocurrencies: Crypto Ban in India

by Lorena B.
July 31, 2019
0

If you look at a world map that shows the state regulations on cryptocurrencies country by country, the overall picture...

SEC Commissioner: Guidance on Crypto Tokens Sales is Coming

by Joshua T.
February 11, 2019
0

In its bids to clarify the conditions that warrants the application of securities laws to token sales, the U.S. Securities...

New Possible Rules for Crypto Assets Will be Launched by EU

by Adriana M.
February 27, 2018
0

There is a high probability that new rules related to cryptocurrency and blockchain-based coins will be created in some months,...

Load More

We Recommend

Top Rated Casinos
Bitstarz Casino

CryptoGames

1xBit Casino

Winz.io Casino

BitcoinCasino.io
Top Crypto Prices Provider
Crypto.com
Top Rated Exchanges
Crypto.com

Binance Exchange
Top DEFI Leaderboard
Crypto.com
Top Advertising Services
Coinzilla Display Network
Our Latest Reviews

CoinRabbit Review

CoinRabbit is a lending service without credit checks, and it has
coinbase review

Coinbase Exchange Review

Even if it has its flaws and controversies, Coinbase is a
Kraken exchange review

Kraken Exchange Review

The exchange is one of the most popular crypto trading platforms,
View All Reviews
Invest at your own risk!

Editor's Choice

Blockchain Analyzes & Reviews

CoinRabbit Review: How to Profit From Hodling Your Crypto?

by Ionela C.

SwapSpace exchange aggregator

SwapSpace Exchange Aggregator Review: Supported Cryptos, Fees, Pros and Cons

trading

The Benefits of Cross-Chain Trading

August 28, 2020
Stratus

Stratus Redefining Social Media

August 24, 2020

5 Minutes of Blockchain & Cryptocurrency News!

We completely understand that your inbox is already full of junk emails. We promise that we gonna try to keep it clean by sending a daily newsletter with our latest news. You can always choose to unsubscribe to our newsletter if you're not satisfied.
coindoo icon
  • Contact Us
  • Advertise
  • RSS Feed
  • About Us
  • Partners
  • Terms & Conditions
  • Privacy Policy

© 2017-2020 Coindoo

The information on this website and the links provided are for general information only and should not constitute any financial or investment advice. We strongly recommend you to conduct your own research or consult a qualified investment advisor before making any financial decisions. We are not responsible for any loss caused by any information provided directly or indirectly on this website.

No Result
View All Result
  • Cryptocurrency News
  • Analyzes & Reviews
  • Guides & Tutorials
  • Events

© 2017-2019 Coindoo