Indian central bank official: India must accelerate the pace of blockchain and Industry 4.0

Amitabh Rajan, Chairman of the Reserve Bank of India's Banking Services Committee, recently said in a discussion on "The Future of Banking" at the BFSI Leadership Summit that India must accelerate the pace of blockchain and Industry 4.0.

On the blockchain front, he highlighted the issue of regulation, noting that last year three judges lifted the central bank’s 2018 ban on cryptocurrency exchanges and startups by trying to understand the concept of cryptocurrency. He pointed out that “fiscal and monetary issues ultimately come down to policy decisions”. After the global financial crisis, many arguments that markets should operate freely, innovate themselves, and the government should not interfere have become untenable. India urgently needs to develop a regulatory framework for blockchain and virtual assets, and the sooner the decision is made, the better.