India needs to have progressive regulation for crypto assets: Experts

Blockchain technology is needed and can be used in governance, they say

Regulations and restricted trading are among the solutions experts are debating for India’s cryptocurrency industry which is uncertain about its prospects after the Finance Minister last week said the central bank favours banning the digital asset.

The finance ministry two years ago said it proposes to promote and regulate blockchain, the technology that maintains a decentralised record of cryptocurrency transactions, but there has been no progress. Some experts proposed a progressive approach to blockchain and the cryptocurrency industry.

“The combination of computer code and human involvement is what makes blockchains unique. Just putting your faith in computers isn't enough.