The National Institute for Smart Governance (NISG) suggested that the laws should be established on the functions offered by the technology and not on the tech itself. The recommendation is made on draft national strategy on the blockchain that had requested stakeholders for their ideas on the same.

In July 2019, NISG was assigned to provide a plan based on blockchain regulations by NeGD (The National e-Governance Division) that comes under MeitY (Ministry of Electronics and Information Technology). The policy includes ideas for the government on the kind of regulatory approach they could adopt. It said that the before enforcement, the policies and regulations should be cleared.

According to the<a href="https://economictimes.indiatimes.com/tech/internet/meity-gets-a-blockchain-plan/articleshow/73683122.cms"> policy document</a>, public statements by any means are helpful but can’t be called official by the agency. It says that the agency should notify industry stakeholders first if it plans to impose its laws in new ways.
<h2>Suggestions Made In The Policy Regarding Crypto Regulations</h2>
The suggestions are based on the cryptocurrency startups experiences that are presently limited to peer-to-peer models because of the restrictions on the involvement of banks in trading cryptocurrency.

The policy also recommended the coordination of sectors across various state bodies regarding<a href="https://www.cryptoknowmics.com/crypto/kerala-might-become-the-first-indian-state-to-use-blockchain-technology/"> blockchain strategies</a>. NISG wrote that a coordination approach is needed across departments and sectors due to the multistakeholder and multi-tiered structure of regulation. According to the NISG, this office work would not only help learn more about the applications of blockchain that could benefit taxpayers but will also provide entrepreneurs with a gateway to understand the virtual currencies and the surrounding laws in a better way.

NISG is planning to conduct stakeholders meeting along with National E-Governance Division (NeGD) across various cities in India.

According to the CEO of Policy 4.0 (a global policy and regulatory advisory firm) Tanvi Ratna, there is need of regulatory clarity on the technology in the govt, but in case of the<a href="https://www.cryptoknowmics.com/crypto/cryptocurrency-regulations-a-need-or-necessity/"> cryptocurrency regulation</a>, the idea to set a policy nationally may not work.

MeitY Brings A Policy For Blockchain Regulations In India

Indian Govt adopting policies to keep up with the emerging challenges in technology. MeitY brings a plan for blockchain and the surrounding regulatory laws.

Javeria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.

MeitY Brings A Policy For Blockchain Regulations In India

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