India’s Govt Considers Allowing Crypto Tokens for Metro Cards, Airline Tickets.
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India’s government is reportedly mulling the launch of crypto tokens of its own for financial transactions in the country despite an ongoing banking ban on decentralized cryptocurrencies.
The committee is reportedly eyeing the use of the custom blockchain-based crypto as a tokenized representation of money rather a direct substitute to currency on its own, with applications such as metro card tokens.
The report cites a senior official from the country’s finance ministry as stating:
The committee is examining if crypto tokens can be used to replace smart cards such as metro cards in the public sector to start with. Similarly, in the private sector, it can be used in loyalty programs such as air miles where its use is limited to buying the next ticket and can’t be converted into money.
The Inter-Ministerial Committee (IMC), first established by the Ministry of Finance in early 2017, includes India’s taxation authority, India’s Department of Economic Affairs (DoEA) and a number of other ministries alongside representatives from India’s central bank and the State Bank of India, the country’s largest bank.
“This is a difficult subject, involving technology which is changing every now and then. That’s why it is taking some time,” DoEA secretary and head of the IMC Subash Chandra Garg told DNA, despite a televised June interview wherein the official stressed the committee was “in a position to wrap this up [crypto regulations] in the first fortnight of July.”