Ajay Tyagi, the Security and Exchange Board of India’s (SEBI) chairman, considers blockchain technology for use of securities that needs to be considered as it has great potential.

SEBI regulates the securities market in India. On January 23, at a research conference arranged by the National Institute of Securities Market, Mr.Tyagi believes AI, machine learning and blockchain tech have great potential for securities. These were his exact words regarding the blockchain technology:

“Blockchain could be used in clearing, settlement and record-keeping given its benefits in maintaining records in distributed ledgers, while still being a single source of truth.”

Tyagi also talked about some international blockchain projects that research the securities market, giving them as an example. He said:

“Blockchain-based solutions are being developed by some foreign exchanges for settlement and by domestic exchanges for KYC recordkeeping purposes. There is a need for active research into these technologies to explore their best possible usage in securities markets.”

Tyagi emphasized how important the latest technologies are for the capital markets, by saying:

“Catching malpractices in the market using the standard tools is increasingly getting difficult. SEBI has already planned Data Lake project to augment analytical capability with advance analytical tools viz., AI/ML, deep learning, big data analytics, and natural language processing, etc.”

While the government in India is encouraged by blockchain tech being used in many cases, its stance on cryptocurrency is more on the negative side. As previously mentioned, India's Supreme Court is now in the process of solving a petition that was filed against a ban imposed by the Reserve Bank of India (RBI) on the banking channel. January 28 is the date for the next hearing in this case.

Bitcoin price in Telegram @btc_price_every_hour

333 +