Indian officials plans regulate blockchain in public sector

The state of Karnataka in southwest India plans to draft blockchain regulations in the public sector. The state's ministry of information technology and tourism has scheduled a study for the use of blockchain and cryptocurrencies technology such as bitcoin. The move is ultimately to produce a new law for the virtual currency.

Tinuku Indian officials plans regulate blockchain in public sector

Karnataka's Minister of State for Information Technology and Tourism, Priyank Kharge, said an event was held to discuss blockchain and cryptocurrency. The government of Karnataka has advanced efforts to build a new legal framework for digital currencies.

"Govt will soon host a seminar to understand blockchains for governance & bitcoins. If necessary evolve a policy," said Kharge.

The government of Karnataka will take steps to establish a legal system given the growing size of the crypto market, an increasing base of growing interest in digital currency investors, including rules to prevent fraud.

One other focus in regulating the cryptocurrency market is the use of virtual currency for payment of goods and services taxes. It is also an institutional scheme that will be responsible for overseeing markets such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).

Other states in India that plan or move to adopt or integrate blockchain technology and virtual currency in the public sector are Andhra Pradesh and Telangana. Both governments have advanced projects to integrate blockchain technology into agrarian systems.

Projects using blockchain in both countries are part of the reworking of the land registration process. Telangana's government also plans to use blockchain to improve the operations of the Ministry of Finance supported by India's Center for Development of Advanced Computing (C-DAC).