In an interesting development that occurred in the past few days, NITI Aayog organized a day-long FinTech Conclave in New Delhi today. The Conclave had representatives invited for the event from across the financial space – central ministries, regulators, bankers, startups, investors, service providers and entrepreneurs according to the official press release.
The event has also invited stakeholders from the crypto sectors to participate in the event and provide their views on the same. However, it isn't very clear at this stage who these startup reps were and which companies they belong to. But it's a good move nonetheless.
Giving the keynote address on ‘Opportunities and Challenges of FinTech’, Mr Das noted that FinTech has the potential to reshape the financial services and financial inclusion landscape in India in fundamental ways. He said, “We have to strike a subtle balance between effectively utilising FinTech while minimising its systemic impacts. By enabling technologies and managing risks, we can help create a new financial system which is more inclusive, cost-effective and resilient.”
The Conclave constituted parallel tracks, which looked into various dimensions of the future of the FinTech, particularly the areas of:
- Digital Onboarding of Customers and Merchants for Financial Inclusion
- Building Financial Products for Bharat
- Emerging Areas of FinTech
- Fast tracking investment in FinTech industry
- Financial Inclusion of MSMEs
This is actually a good move but considering nothing concrete has come out of the government regarding cryptocurrencies it's hard to ascertain if these events will do anything to bolster growth in the cryptocurrency-blockchain tech sector. I'm optimistic about it but feel a little skeptical about impact of the outcome of these events on the crypto-sector in India.
RBI FinTech Sandbox
The Reserve Bank of India (RBI) expected to setup a regulatory sandbox for Fintech startups from India in 2 months. This innovation hub is being setup to help new companies build their products within protective environment at lower costs.
If cryptocurrencies or crypto startups are allowed to be part of this sandbox then a positive cryptocurrency regulation is likely to happen.
According to Inc42 RBI governor Shaktikanta Das, said that there is a need for a definite regulatory and supervisory framework for the fintech startups. The framework is really important at this point to protect the customers and safeguard interests of all stakeholders.
While addressing the Fintech Conclave 2019, Das explained that the framework should address all the gaps and associated risks while considering the growth requirements of this sector.
As we know that the deadline given by the Supreme Court to the Union of India has been extended more or less as the court adjourned the dates to 2nd week of July. More on that here.
Stay tuned for more updates from the Indian blockchain, fintech and cryptocurrency space.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Why You Should Vote For Firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #71
I think this is very good news you are sharing thanks for updating.
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@firepower 🔥 dude! It's been too long.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
They just need to relax the rules. Nobody in crypto needs protective environment
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Now that's a very good sign and we can have a positive hint for coming up regulation if NDA comes to power again and I wish to see Modi Sir again in parliament in right side front row.
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That is interesting, India is moving forward in this space .
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Actually I trust NITI Aayog very much and I think they are really going to regulate crypto soon.
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Let's cross the fingers again :(
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
very gr8t initiative india is taking..... lets hope for d best... finget crossed ....🤞
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I don't think that govt of India will help cryptocurrency industry in any sense.
They are seeing every crypto investor as criminals. And on above all, they don't have the capability to understand the crypto market. They are the traditional assholes which never want to change themselves.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit