Episode 185 Future of blockchain in India with Va

some newer things. As in this case, we can find that crypto currencies or blockchain these entities have already started doing their business. The second step is that the government actually understands that there's some regulation needed in this field. So what they do is that they actually invite people from this space, the new space, and they also invite some people from the government fraternity to form a

certain group. That is when this group comes up with a white paper. So this happens with the Black Money bill as well. Certain white paper was issued for the Black Money bill. And suppose that what happens is that the government then comes up with or gives directions to the government authorities. Like say, RBI or semi who or whichever government authorities relevant for that matter. And then

it is converted into a bill. And then that bill is given to the Lok Sabhinder Rajasvap. Once it gets passed on the Lok Sabhinder Rajasvap, the president gives this in. And that's how the law is made. So in some cases, what we find is that the law is either made by this mechanism or as we seen the cryptocurrency space. So Supreme Court can actually give this

directions to the government authorities which are relevant. And in this case, being say RBI or semi for that matter to form a committee come up with their own versions of white papers. Invite public comments. As part of democracy, they would also invite public comments. This happened in the GST bill that was passed. There were public comments. There were national level committee meetings that were there. Chartered

accountants and lawyers across the length and breadth of the country were invited by the government to give comments on how the law is to be made for the government. And then the bill was discussed in the lower and the upper and the low sub-a and the Lok Sabh. And then the final bill was then converted into the act. So what we find in the cryptocurrency space

as of date is that business people have already taken this step. That step one. So technology is already taken its first step. Now it's the regulatory people who go to follow up and come up with things like maybe forming a committee understanding this technology, inviting public comments on this thing. We do understand that yes, investor protection in India is a huge thing. Compliance with KYC and

how the current government especially strict about compliance with the hard card, even though there's a very nice judgment that came about a hard card last week. What are the comments about? If you don't mind. Yes, so I think we can talk about this thing. So the current government is also connected to the KYC compliance for cryptocurrency exchanges. So the system code again in the light of

other. The current government. The keyword with the hard card is not mandatory for private companies to even demand. So private companies cannot demand a hard card as a proof of identity or address. So technically speaking initially or earlier cryptocurrency exchanges were taking a hard card as the base for compliance. That's one way. Actually it opens up an entire Pandora box. Absolutely. That came to the US

very similar case where if you don't have identification, the US court said that doesn't mean you're going to hold. In fact because we're out there, demand identification. I cannot go to somebody. A lower economy. A lower economy stricter status people and say you need to get ID, private slices or something. No, they don't have to. The court said you're still a citizen of this country. You

can vote because lack of ID cannot barbeque from voting because the fundamental right of human being and ID is a makeup thing in between. It's identification that the government can't run. So this is what happened. It might happen with other authority. So Adhan actually it was. It was under fire from lots of private companies. And public players because well it was claimed that the data is

what happened. It was available for public use. In an illicit manner. If you look at the percentage of people having a dark card in India, well that's close to 100 crores. So that's a huge database available. Also they were pushed by savings organizations to small even schools for that matter of pushing students to apply for a dark card. A four year old six year old was.

So now the court is saying that let's not centralize all the data. Now the infractions were there breaches in privacy security. And start doing that because government has database policies. So this judgment actually comes from or rather eminence from that thing only that they were public interest dedications for use. We also filed an application trying to understand how the government is securing the public data biometric

and ix and age gender name address phone numbers email IDs. Which have been collected by the database. And we also. The answer by the idea which is the organization that controls all this data was rather interesting. They said that we are holding this data in a public server which is under five feet wide. So the answer on the query but the Supreme Court is that well

this is not the kind of data to be kept behind balls. Because the data that is to be kept behind seclude servers because no person will come to break the wall. They break the server. So what is the protection that. At the idea provides to users from from say cyber crime in this sense. So I mean that it not have a clear answer. So I thought

this is a problem. If you notice in history of the world. A lot of the huge numbers and mass murders have always been done by governments. Because you know so centralization of data. So today's government is good. Let's say the prime minister the executive vice noble and they all know that. But what should prevent the next third four generations. Somebody from taking power and and having

access to all the data gender. This has you know whatever you have it can do cross for cross check and do this. So it's sex of precedence for a police. And dictatorship. Today's dictatorship can be denied but you can't count on benign dictators you know after four generations right. So there's a fundamental issue there to just not the criminals but the whole protection of citizens from

their own government right. So I think just just one comment here. Even though we live in a democracy and India has been able to protect its democratic set up since independence and it has it has been a democratic country. But especially the one of the. Sort of challenges that the current government is facing is that there are claims against the government stating that it is still

running a centralized power where only the prime minister happens to be the central point of control. For each and every activity that happens in India. So even even something like the announcement for demonetization in India happened by the prime minister even though. Even the whole. Who's the cabinet people that are exactly so so see we can understand that that mechanism can be can be there but.

Ideally speaking real legal perspective that should have happened either by the reserve man governor or should have happened by the. So that's that's one thing that we are facing is that the centralization of control so in in the current scenarios or in the current environment where there is a. We can apparently see that there is. Attempts to centralize controls at all levels. Especially by the current

government with you respect to them. We find that this technology comes at a very interesting time to India where it actually questions the central authorities and it gives power back to the people to do. Pure to pure transactions. So I think let's see. So I think that's the reason why the current government reacts to this. Yeah, but I'm very hopeful and appreciative of the fact that

you mentioned and very optimistic that the Supreme Court has taken a very independent stance of political pressures the political environment. The current governments views on certain social issues. What depends on morality right and has stepped out and started functioning as that independent body. So that's just absolutely fantastic. I think it's not just with the current government I think the respect has always been given to Supreme

Court in India and the constitution of India. Again whether it is the current government of the party or it's been in the national Congress. Judgments by Supreme Court have always been independent and I think one of the pillars of democracy has been the power that has been on the rights and the response. The similarities that have been provided to the citizens of the country by the

constitution. So I think given the powers that have been provided and the independent rights given to the Supreme Court, I think it is not dependent on the government whether it's party A or party B or party C. It does not matter. Yes. Supreme Court has been given wonderful and very authoritative powers by the constitution. So I think we are looking forward to so all eyes are

actually two Supreme Court and we are looking forward to so all eyes are actually two Supreme Court and we are looking forward to so all eyes are actually two Supreme Court. So what is in store in India? Is there any way people can do ICOs? Is there a recognition board? Do can Indian developers do blockchain work and charge companies for that work either inside the country

or outside the country? You know all of these kinds of questions or can Indian investors, is there some way for Indian investors to invest into this crypto? If not in India outside of India and get exposed to India? As it is, it is considered as an asset class legitimately in many many countries. Can you kind of slice and dice and give your opinion about each of

these? So as we see that even though there are challenges currently regulatory challenges in India, first say there has been no judgment by any government authority Supreme Court is yet to call on this thing but neither RBI nor State nor the state department nor any department has never stated that the crypto currents are illegitimate. Now as for the Indian law, if you analyze anything that is

not illegitimate is actually considered to be legitimate. So when you look at or interpret this definition, you realize that technically speaking Bitcoin trades are still valid and illegitimate. How are you going to say that? Yes, there are challenges that banking access is not provided to the exchanges. So it actually sucks out the entire liquidity. But those challenges are there. Yes, sorry to interrupt. But why don't

you if we were and I know each other and trust each other, we could meet in a cafe coffee day and I can give you money and you can send me a bit coin and that's legitimate. Okay, theoretically. Okay. So I think as you rightly pointed out, I think I should give this example. There are about four or five exchanges. That were operational in India. The

first two being euro coin and ZEPA. Apart from that, learning from those experiences, there have been other who have been motivated to enter into this space. So what we've seen is that very interestingly, a folks 30 and a 30 person in India float in exchange by the name of Bhasirix. Bhasirix initially was running on the same principle as it allowed fear to crypto and crypto to

create our post this April to 2018 restriction, but there is a bank it had actually changed its business model and now allows a P2B trade. So P2B trade in Bhasirix is currently legit. They still have a bank account. They allow user A and user B to interact. They find buyers for you online and you can still get into Bitcoin selling and buying. So while this thing

is there, it still allows you to get a bit coin. So I think it's really good to have you to actually trade or say as you rightly pointed out, meet your cup of coffee and actually transact bitcoins against a certain compensation to be paid in fear currency. Now an interesting case that has happened based on a certain research by one of the lawyers in our fraternity

is that they've analyzed that the number of IMP transactions in India in the last six, eight months have actually gone up by about 15%. Now if you try to connect the door, I think that's the most important thing to do. There is no real reason for IMP transactions to go up in India except for the fact that people are now reading more on P2B bases using

IMPs for Bitcoin and other cryptocurrency trades. So that is one link that can be drawn that the increase in increase in IMPs transactions is primarily pertaining to the crypto trade that is happening on P2B basis. Many of these like a bank transfer that happens in real time. So it is an instant money payment system which runs on just like in US we have RDS and Swift.

So it's a bank transaction happening on real time basis between person and person B. So that's one thing. Number of IMPs transactions going up in India that's an interesting thing. Perhaps it can be for other reasons as well, but we suspect that it is from our bank. So it's only because of the Bitcoin transaction that have increased in the B2B case. That's one. Second, we feel

that what is important of course we talked about the import, we talked about what Supreme Court can or has the powers to do. And if they actually come up with constituting a committee then it's a green signal for all tech developers in India. That's two. Three we talked about a brain green in India. I think the regulation have to come and have to come very fast.

So that's one of the biggest challenges that the government is facing is the challenge of unemployment. They had promised employment to lots of people in 2013 when they were voted to power. Opposed to that even though they have been able to deliver on most aspects but unemployment is one thing that they have actually lacked behind the market. And that is one aspect that can become an

interesting thing in the 2019 elections at the national level that are coming up. One employment is one thing. So with this brain green happening I think it will only add fuel to the challenges that the government is facing. Now when you talk about the legal future of cryptocurrencies or as it's in India, we feel that still there is huge potential for Indian developers to actually access

international models. So what we find is that just like India became a BPO to the world of software companies from 1990s onwards. It can become a knowledge processing outsourced country to blockchain based work. So lots of tech developers can pick up work in US and in other countries where these things are needed. Also you talked about whether doing an ICO in India is a digital heart.

So I would say that the world is a digital market. I would say that even though regulatory framework is yet to be put in place but a crypto to crypto is that is you accepting say, the idioms or bitcoin is a gang station instead of your own token. And without touching the financial system or the money system of the country, that is still legit. So one

of the companies that have actually done ICOs is called Zebi. Very interestingly Zebi after raising the funds to ICO in India, they have now procured a government contract. So that's very interesting on one hand, government saying that ICOs we are trying to regulate is investor protection on one hand. So the Telangana government where this ICO happened that was in Hyderabad that this company is based in

Hyderabad, they have actually won a contract to put land registries on blockchain. So that's one progressive step that has been taken by the Hyderabad government. So you find that Telangana government and Bangalore are the most proactive when it comes to putting in place regulatory framework. Also we find that sometimes there are small reports that a small place in Haryana called Panchkula has actually been selected to

be put on the land registry there to be put on blockchain. So these are small stories but these are relevant stories and Supreme Court will be shortly having an ICO on this thing. And if this thing is going to be in place, these things go well and it can surely consider adoption and a mask. Also, there have been lots of conferences on blockchain and recently there

was a national level conference at the Institute of Chartered Accountants of India, where I also presented there as to what are the aspects of what are the things which the CF fraternity, that is the equivalent of the CP and U.S. The Chartered Accountants here in India, they need to be come up with accounting frameworks or how it changes the auditing methodology if blockchain based entities work

in India. Also, there being some initiatives by the IBM offices here in India. They are actually, there's hyper-ledger that they are trying to build and there's some support that is being provided by the Indian tech developers. That's one contribution that the Indian tech developers are making in India. So I think there are two, three, parameters on which current situation can be judged. One is that we

are looking forward to Supreme Court to come up with something nice, come up with some maybe even development or asking the government to form a committee and then analyze this blockchain technology and the impact of it. That's one. Section, we are expecting tech developers to become international global work. That's true. So you can surely get into say, an ICU which is only crypto to crypto. The

only restriction that has come up with, come up from RBI, is that they're not not going crypto to fear it. So other than crypto to fear it, anything is still legit. And there has been no government notification to say that crypto assets, they try to call it crypto assets, it's not cryptocurrency, which is well, not wrong as well. So crypto assets are still legit in India,

you can still hold it. The fourth aspect, which is the most interesting one, is that they have been in context notices which have been issued by the tax department. Now this actually throws up a very interesting anomaly. There on one hand, there's reserve bandwidth says that you should not deal in cryptocurrencies whereas on the other hand, the tax department has issued. So that's a very interesting

coin. That is something. So I think that is like government, you know, the tax department saying, we found out that you have black money, you need to pay taxes on black money. So I think, I think what has happened is that we also put up a sample notice that one of our clients received on our medium block. So we have access to actual notice that and

just for the help of the alternative, we've also put up all the potential answers that could be given to all the points that are about 27, 28 points that have been raised by the tax department. And we put up answers or the sample answers that the most highly answers that should be given on a block. This was a free resource. So perhaps you can access those

answers as well. When we published this as a podcast, along with that, we will include a write up and some links. We'll include a really a article that you're talking about. So we can see that's the media article here. Yeah. Yeah. Sure. So we showed the a cent across the link to that media article. So post that I think there's one last point I think in

this thing that we should say about government wanting tax but not wanting to legitimize or does not want to await for the West and the East world to come with some regulations. In that notice, when we analyzed, even though it was an income tax notice, there was slightly the languages that are other top it talked about the the SSC, the tax fear to actually come and

visit the tax officer within 24 to 48 hours with all the details of his wallets and foreign aid and all that stuff, including the physical wallets or the online wallets that that person is having. So what we realize is that in that notice amongst other things that that are being asked, the primary thing that is asked is that they talk about YouTube paid taxes, of course,

and fear not in the cryptos as a date. That's one. But but I really talks about taking taxes only on gains from cryptos which have been actually liquidated in fear. So in case you have your holding cryptos, you still continue to hold cryptos. That's one. And you wrote the taxes on them. Yes, you don't pay currently. There's no no taxes or there is no specific mention

in that income tax. So is the tax free investment matter? Okay. So I probably asked about the source of funds from where you actually invested in cryptos. That's a very logical question. Yes. So that's one second. Suppose you send me 10 bit coins from India because you're sitting on them. And I say $7,000 10 I send you $70,000. But you had originally bought them. Let's say

for $7,000 you made some profit. But the money came back from you as, yeah, are you have that did not happen prior to the shutting down of the bridge right from the spirit to crypto. Now how do they deal with it? Do you still have to pay taxes? Yeah. So in case I received from you say $70,000 in a fee at currency. Then I can actually

claim it as an investment or income from other sources. And then the fall of the 30% taxes. But again, income tax department per se has not come up with any multiplication. It's still waiting for the other government department to come up with some notification or maybe the Supreme Court to come up with some notification. How about there being individual IRS officers, which is like a commissioner

of income tax or a system commissioner of income tax. They have issued notices and what we realize in that 28 questionnaire or 28 question notices that they're primarily trying to gather information. They're more like collecting information about people who are trading. And some of our clients also received notices. And they were asked to visit the tax officer. They actually made a physical visit to the tax

officer. They actually collected information about the source of funds, about how did they prepare for those, how are things going on. So I would say unless and until our tax department on a central level issues and notification disregard that this will be treated as a business income or capital gains income or income or other sources. And this is the rate of tax at which these crypto

assets will be taxed. These individual notices do have some relevance. But I think the bigger notification from the tax department is yet to come. And that tax department is actually waiting for the Supreme Court to give some directions to them. Yeah. Well, if I can follow up with what Dr. Khan said and ask you this question. I don't know if that's been discussed. I'll check out

a moment ago. But what is the policy for Indian citizens, Indian residents, investing in funds outside of India, whether it be US based European based to camera events, K. Valence based funds and securing positions in getting exposure to crypto easily restrictions. I guess that. I think there are two relevant points here. One is that if the investment doesn't know on fear currency, then currently there are

no regulations. So an Indian is actually free to invest in an ICO, which only accepts the cryptos and maybe you can run for the dealings from India to abroad and obtain certain new coins of ICO. So that is still unregulated. And there have been no notification with says that this action is wrong or illegal. That's one. Second, if you look at even from India, there's a

fear currency perspective. There's a LRS notification, which has been issued by RBI, LRS means liberalized limited scheme, which means that every individual resident can actually limit up to $250,000 a broad without any specific permission by the reserve bank. So it's an automatic right or right given to every citizen of India individual can actually limit $250,000 in fear currency. Now the issue is that, say for instance,

while remitting, you have to report it to the bank that what is the purpose of this investment or what is the purpose of this remitence abroad? In that, there has been no reserve bank of India purpose code or the reason for that remitence. I think that list has to be updated to mention that the investment is in certain age of license. Now, in case the investment

is in security tokens, we still can consider it to be maybe treated as equal into shares or stocks. And then we can say that this investment in a portfolio abroad. However, if the investment is in utility tokens, then it becomes a challenge because there is no specific code that has been issued. So again, the regulation needs to upgrade itself to mention this thing to allow investments.

Again, for say, there have been no notifications by reserve bank, which mentioned that you cannot invest abroad. There's one small point that I want to raise here. Once in April 2018, when reserve bank of India came up with this reenferencing restriction of not allowing banking access to crypto entities. So we had filed a right information application with them the very next day. In that right information

application, again, that's up there in the blog that we are meeting blog. In that right information application, we also asked reserve bank of India whether it will treat the investment from India to abroad. That is a cross-border transaction or investment under the portfolio. So, view of Pema, that is the foreign exchange management act or not. So, ideally, because it's a cross-border transaction, should be covered in

Pema, but the answer from the reserve bank is that no, it is not. So that again, opens up a huge debate. That sense that if it is not regulated by Pema, then it should allow free access to any amount and not just $120,000. But any amount, maybe a million dollars investment can be made from India. So, I think the regulation really has to catch up. But

for now, technically, there is no issue in somebody using the LRS scheme and sending $230,000 for bank card out of the country. That's actually true. So I think there are two solutions. In this case, one is that a crypto-to-crypto investment, there should not be any limit because there is not touching the banking system of the country. If you want to remit in field currency from India,

the broader $220,000 investment for individual can be made for your, and every year that limit gets, that threshold gets renewed. So, awesome. So we have at least two legitimate ways. For example, if I was having a brilliant idea for an ICO in India, the ironical thing is what you're saying is, I can run the ICO, I can sell my utility or whatever tokens I have except

I cannot do it in India. I can set it up wrong. I can make a lot of money from all over the world giving all the investors in the world an opportunity to make money off of my great investments, except India's. I would say that Indians still have access or still have the right, unless they are restricted to currency, they are no this thing. So, Indians

can still make an investment, if you're brought in only cryptocurrency. So against, maybe an Ethereum, they can still not bring tokens. So if somebody has these tokens in their wallets, Ethereum, Bitcoin, and they can use them to invest in the ICO, they can. But if somebody doesn't have those, and they can then procure it through a P2B model. P2B model is still legit. So they can

procure through a P2B model. Exchange like Pazir X are allowing those things. You can access it, maybe you know, peer to peer mechanism and then invest in these tokens. So it's a common duty to it. So I'll go to the bank, I'll withdraw the money, and I will, who appear to pay a exchange, I'll give that cash to somebody, get their gift for, and then take

the gift for, and transfer it to the ICO, and then get the. So that's it. That's a long process, but he has that is the. I know I just wanted to lay that out so that people are very clear when they're listening to this. Yes, even though it's a long process, but I think this is the right right from way to do it in the current

environment, and leave it in mind. Over to you, Chuck, did you have any more questions? I know we had it. You know, it's like, what would we be feeling like the sugar cane in India? You do Sima, and then you Sima. I think we had a fantastic discussion. Thanks for enlightening us and our audience, the listeners on various aspects. I think we took a very good

perspective. We went to the fundamentals of law, a little bit of history, start of culture, technology, what's the alien is holding now, where it is stuck, right, and things like that. But we also are very optimistic in light of the encodes, governments, and their historical independence, the executive branch, and the legislature. So I think there is a good hope and good optimism on the issues about

change. When you look at the Indian perspective, it is still a young country. And young countries sort of wanting to make its name in the world. So I think blockchain technology is the kind of. Is the technology where Indians actually run the show and become forefront runners in this technology. So we are. So I think the government should surely really look at your eyes towards Supreme

Court. I think they come up with some judgment. I think this can be a wonderful exercise for the opportunity for the Indian young techies to actually show their talent to the world. Absolutely. Fascinating for us to see as both here. Somebody like you is extremely knowledgeable in law, you got some profession, but also very well-versed in technology, the surrounding aspects of it, the culture, the whole

thing. That's a very rare combination. And we truly appreciate the work you do because the crypto community, this world community needs somebody like you. And like my people, reading the chart, and putting their thoughts out there and educating people because the regulators and legislators, as government officials, are human beings. And they, you know, sometimes we are all getting educated about this new space. As long as

we are open to learning and going, I think it's okay to make mistakes. It's okay to learn. Right. You don't have to stick to ego positions. And they're taking these kind of stance. And they're going to stick by this. So I hope that kind of sense ofShitMusic, myself, your interview with Vikur Tama, earlier we had a lot of questions from point ofs, as I said, again,

maybe we can go forward. We have a few questions, but we're going back to our conversation. So moving on, I'm talking about AI level and potty servicio which I believe and we have some talks to everyone. And also about AI tablespoon with around 18 question questions. And adding a lid, we're actually, especially developing it. So we're actually trying to take that with you. I wasn't thinking,

I mean, so in August 2018, one of one very nice development happened here in India. There was an international level conference that was held in the state of Hyderabad in India. In that conference apart from, say tech developers and people who are sort of blockchain enthusiasts, some very interesting people also joined in that conference. The person was the chairman of the Nithi Io. Namihti Io is

the central think tank which is considered to be the right hand of the prime minister of the country. So the chairman of Nithi Io joining in, sharing his thoughts, talking about blockchain technologies, they are on his Twitter handle as well. We really appreciate that. Yes, blockchain technology is something that we can, or India can embrace. So a person of his patcher accepting this thing that India

can surely or India shoots surely takes steps. So those people in authority have the right and also have the power to actually take key decisions. If those things are, if we, as a community are able to convince those people about the right things, technology can bring to the masses here in India and abroad, I think we can surely be at the core for this technology. Yes.

And just to add to that, in the blockchain world, in the crypto community, there's an on us as burden on us to be truthful, to be transparent, to be regulating houses. Before we have explained, if somebody's party is going to be late to take long term use, avoid scams, avoid people with dubious motives, who wants to make it. That's how a blockchain technology runs on a

trust. Yes, exactly. I think I talked to the first thing that you've got to develop in this system, then go forward. Exactly. I take a long term view and not be enamored by this short term, like can I make two X, can I make four X. I think it is a community that is going to be a community that has to be in the way in

putting those models and showing those, showing that maturity, right. That they're in for the long haul, they're in for the long term, they're fundamentally being in crypto, they understand the fundamentals. And they're not just people looking to fleece off other people and make short term money by a bunch of investors coming in, putting their money. So these guys will take it and run. So we should,

we should actively seek out and describe bad actors. I think this crypto winters, are this love has actually driven those people away from crypto community. We hope you're lost in. In this time, because they have to go and run their scams elsewhere, you know, and not here because things are not working here. So I think, but the people like all of us, you know, it's honest.

It's a number of shoulders, right, responsible team to take a long term view and we don't have to stress before the greatest do. So when you talk about scams, I think scams have happened in fear currency as well. Some of the very famous scams that happened in India were during the 1990s, where there were single person companies or only two people actually doing an IPO and

raising funds from public, where there was actually no software being developed. So when there was a software boomer India during the 1990s. So those things that happened in the past, the point is to remain ethical and think long term create products for the community and for the public good. So ethical people will shortly, I think wait for things to get streamlined in India. Long term things

shortly look very bright in India. And just to add to that, it's interesting. The recent scams in India, where a certain people with influence, right, getting thousands of courses, rupees, laws and right under our biggest loss. How does it happen? So it's, you know, that shows you there is no end to it to innovation and ingenuity of scams. And regulations can only be so effective. And

not so much because if because our regular financial system is regulated, I'll be there is supposed to be watching these banks like Hock. And then these banks go get a lot of thousands of close to their buddies and their friends. And what happened? You know, crypto is nothing compared to that. Right. Those scams, I think, you're primarily referring to near Modi and Jamalia scams. Absolutely. Those

are classical fiat currency scams, where funds were taken from banks against nutritious assets or assets which were actually not present. I think that also opens up the question of doing a KYC properly and whether testing out whether the actual asset exists against which the loan has been granted by the bank. So I think, see, the scams have happened in fast and may continue in future as

well. The point is to stay ethical and not blame only blockchain technology. Exactly. It will not see cryptocurrencies will not put an end to scam. But it's surely one technology of blockchain is one technology. At least restrict or reduce the number of scams that happened that generally happened in economy. It brings in more transport. Information, real-time information through the authorities. And if the people there and

the authority are ethical enough, they are the powers to take action. So in case they take right collections, these scams can surely be avoided. Yes. And my qualities, no amount of regulation which was supposed to be already all set and all there has stopped fiat currencies scams. So what I've been so worried about, you know, not only that what I'm saying is you can stop innovation.

It's like our base in the US. It's a circular saying that no investments, no loans will be given against asset study businesses, you know, because these things have happened. That's over the top response. Right. And the same kind of sandwiched the way to cryptos and blockchain technology. That's why I'm saying. Exactly. So I think just one point here when you mention about scams and all. Our

beer actually last year in a very interesting note allowed me to be lending for the first time in a year. And I think that's the history of the country. So there's a public circular that is there on the RBI website, which allows P2P lending. And it has actually started giving licenses also to entities to allow P2P lending. So I think we are in line. We are

actually researching these days on that. That's one area where lawyers can actually do something we are doing our bit. Perhaps others can also join it. That's one circular that is available on our website. It's quite a good case. Sure. Would you mind stating your medium blog where people can find some articles if you can spread it out if you have it handy. Surely. So it's medium.com

slash blockchain lawyer. India. Medium.com slash block. I'm most active on Twitter. We keep on putting updates and we keep on throwing a comments. I'm available on Twitter. At the rate block. Channel on 91. At the rate blockchain. On Twitter. Yes. And then reach me out at a baron at blockchain lawyer. In. Well, at blockchain lawyer. In. Wonderful. Anything. About you. I want to thank you. And

why don't what we would request is I'm sure there'll be a kind of people along your audiences, especially in India and everywhere else that's interested in what's going on in India. This will be all the most popular podcast episodes if I can predict. So my request is. As you see progress happening and you want to come back and talk to our audience again. We would be

eagerly looking forward to having you back on this periodically. We should be very best. And thank you. So thank you for joining us today. Thank you so much. It was a pleasure. Thank you so much. Thanks for listening to the crypto nights. Never miss an episode. Subscribe now at www.cryptonives.io.