Despite continuing to maintain an unfavorable stance for cryptocurrencies and citing their potential role in money laundering, Indian government officials revealed they are looking at tokenized datasets and other cryptographic forms of blockchain technology. Open to Crypto, Closed to Currencies As reported by local outlet DNA India on August 10, 2018, Indian officials are seemingly considering the use of crypto-”tokens” in several avenues. However, they add that this excludes any use of cryptography and blockchain technology for the purposes of a crypto-”currency,” or a sophisticated means to transfer money and conduct cross-border transactions. As put by the officials, crypto-tokens do not themselves hold any inherent value, instead, represent an underlying dataset which can be accessed only by the private key holders. The crypto-tokens would not serve as a substitute for fiat currency, but represent an underlying value to process faster and more transparent payments. The report stated: “One
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