In it’s 2017-18 annual report, the Securities and Exchange Board of India (SEBI) mentioned, it organized study tours for its officers to other countries for a better understanding of Initial Coin Offerings (ICO) and cryptocurrencies.
The officials from the organizations toured to, Japan’s Financial Services Agency (FSA), the U.K. Financial Conduct Authority (FCA) and the Swiss Financial Market Supervisory Authority (FINMA). It reportedly took place to help officials “engage with the international regulators and gain a deeper understanding of the systems and mechanisms.”
This is not the first time Indian authorities are showing interest in the functionality of cryptocurrency in various countries. The Reserve Bank of India (RBI) also mentioned different types of cryptocurrency regulations, with examples of Japan and South Korea in its annual 2017-18 report.
RBI is also considering the idea of a rupee-backed cryptocurrency to cut down the printing cost and ease of managing issues.
The present and future of cryptocurrency are in haze after the debatable decision of RBI to ban all the payment gateways and the banks from providing assistance to crypto related business and persons, which is in effect since July 5th.
The next hearing related to banning is likely to be held on September 11, and these advancements say a lot about authorities attitude toward the technology and willingness to control it as well as get benefits from.