Blockchain Summit 2019 Emphasizes Crypto Regulation in India


Blockchain Summit India 2019 was held recently at the IIM Lucknow Noida Campus. It was a two-day summit from 22-23 February. The summit was inaugurated with welcome speeches by Suresh Prabhu (Honorable Minister of Commerce and Industry, Government of India), Nitin Seth (CEO, Incendo Inc. & Ex-COO Flipkart), Sanjay Kumar (Chief General Manager, HPCL), Kumar Gaurav (Chairman, Auxesis Group), and Prof. Akbar Ansari (IIM Lucknow EIC). The summit is the first version of the Vision Blockchain 2030 initiative. The summit received support from the Government of India’s Department of Science & Technology and Uttar Pradesh State Government. 

Crypto Regulation in India

An overwhelming 2300 people participated in the summit. More than 80 global blockchain speakers and influencers addressed the participants in the summit. The summit not only attracted bureaucrats and representatives from various ministries but also audience from every walk of life such as entrepreneurs, policymakers, VCs, academicians, and students. Over 50 VCs and crypto funds along with the premier institutes of India including IIT-B, IIT-D, IIM-S, ISB, and NUS were the active participants of the summit.  
The motive of the participants was to strengthen the blockchain ecosystem of India. The representatives and bureaucrats from various ministries of the Government of India took part in the summit to take note of the ideas to empower a blockchain ecosystem and include the ideas in formulating the crypto regulation of India. It is expected that the regulation will be implemented by the end of this financial year.  

Mr. Suresh Prabhu announced the agreement signed between the Indian and UAE Governments for learning and leveraging blockchain in the e-governance of India. Another noteworthy highlight of the summit was Auxledger’s launch of India’s first public blockchain network during the inaugural session. The conference included presentations on blockchain by corporate giants Google, Cognizant, IBM, Tech Mahindra, Accenture, ConsenSys, Auxesis, and EIL. The summit organized 10 panels to discuss topics related to e-governance, fintech, supply chain, cryptocurrency regulations, Aadhar (Indian Identity System), digital frauds, money laundering, traditional funding, ICOs & STOs, and skills enhancement in blockchain.

Cryptocurrency news in Hindi states that the significant attractions of the summit included the Blockchain Expo, Blockchain Masterclass, and Blockchain Startup Pitch. This has become the latest news on bitcoin in Hindi because Mr. Suresh Prabhu has enthusiastically welcomed the ideas discussed in the summit and has assured that these will help them in strategizing the forthcoming cryptocurrency regulations.

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