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Bitcoins are Traded in Restaurants in Bengaluru; Need Regulatory Clarity Instead of Banning: Karnataka Minister

November 20, 2018 11:53
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Social Welfare minister, Priyank Kharge said that the Karnataka government is working on setting up an Innovation Authority under the chairmanship of the Chief Minister to protect consumer-friendly technology businesses that are operating in regulatory grey areas.

Along the sidelines of an interactive event, Kharge told news portal ET, “Most innovations that are happening today are not as per our policies. Technologies are fast changing and our policies are only trying to catch up. In such an environment, instead of banning a people-friendly business on the grounds that the regulations do not allow it, the Innovation Authority would intervene to come up with a quick policy framework.”

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Kharge was the Information and Technology Minister under the previous government. When asked about the recent arrests of cryptocurrency exchange Unocoin founders he said, “We should come up with policies on priority so that business grows and economic becomes vibrant. For example, bitcoins are traded in restaurants in Bengaluru, and we will need to interact with the government and get a regulatory clarity instead of banning those technologies for which regulations are not yet in place.”

Kharge has always been very pro-blockchain and to a marked extent cryptocurrencies too. Earlier this year at an event and he had said, “Blockchain is a highly disruptive emerging technology and the goal of the event is to see how Blockchain technology can solve real-life problems. Today’s conclave is a gathering of truly exceptional minds on Blockchain from India and abroad and the idea is to see if blockchain technology can be used to help the government and its functions.”

On the occasion, Kharge had also highlighted the role played by the government of Karnataka to ensure all around development in the state and focus on job creation in core sectors of the state.

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A blockchain enthusiast, a wannabe-crypto investor and an all-around enthusiast! Loves travelling, especially to ASI-protected areas, believes in giving her best shot at everything she does! Definitely an introvert.

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