Indian Blockchain Lawyer Files RTI Application To SEBI Seeking Information On Cryptocurrency Regulations

Blockchain Lawyer filed a Right-to-Information (RTI) application to SEBI which contains 68 questions about Indian cryptocurrency. The questions relating to various aspects of crypto regulation including recent study tours, their official position and the results of internal meetings over the proposed crypto.

SEBI has recently covered a blockchain study tour which had some critical information not mentioned in RTI response. Just three officers were sent to crypto-friendly countries like Japan and Switzerland. But the outcomes of the tour were not disclosed saying “such strategic and confidential information may also affect and compromise the interests of the securities market in specific and may impact the economic interests of the country.”

SEBI also didn’t uncover its research data that could be the base for the future crypto law. According to SEBI, discharging such data could influence its key leadership process. Considering it was imperative for local blockchain industry to comprehend the source of their research, the choice to withhold data from them went poorly.

SEBI had also conducted an internal meeting on the topic ‘Bitcoin and Blockchain’ on October 30, 2017. Even after a year since the meeting, SEBI and RBI still have not concluded the status of Indian cryptocurrency, as published in CCN.

RBI issued a crypto ban on 6^th July in India. The law stated that all the regulated banks and financial institutions in the country would not be allowed to deal with cryptocurrency exchanges, blockchain companies, and cryptocurrency users, as reported by Bitcoin Exchange Guide. Advocates argue that India’s central bank is stifling innovation, while supporters said that banks are limiting liability in an uncertain field.

As indicated by Varun Sethi, a legal advisor at Blockchain lawyer, there were numerous controller dodged questions that could have elucidated the present status of Indian cryptocurrency. SEBI didn’t give clear responses to a larger part of their inquiries, referring to privacy.

The post Indian Blockchain Lawyer Files RTI Application To SEBI Seeking Information On Cryptocurrency Regulations appeared first on OWLT Market.

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