It appears that regulators in our nation are still undecided over who ought to regulate cryptographic forms of money: SEBI or RBI. I'm stating this on the grounds that while RBI has reliably been stating that it doesn't perceive cryptographic forms of money as monetary standards, it recently issued a section particularly dedicated to them in its yearly report. What's more, now SEBI's yearly report released recently is likewise uncovering an interesting tidbit : SEBI has additionally been associated with some research on ICOs and digital forms of money, and it had sent its authorities to another country for the same. This leaves us pondering what those authorities learned while wandering abroad on our tax money.

The news was broken recently by none other than SEBI itself in its 2017-18 yearly report. The report says that in last monetary year the Indian security markets regulator sent its authorities on study tours to Japan, Switzerland and UK  for contemplating ICOs and digital forms of money. It says:

“SEBI organized study tours to Swiss Financial Market Supervisory Authority (FINMA Switzerland), Financial Conduct Authority (FCA) UK and Financial Services Agency (FSA) Japan to study cryptocurrencies and Initial Coin offerings.”

In my opinion, they really didn't learn anything from there since Switzerland  and Japan are among the most friendly countries with regards to digital currencies. They're home to head offices of many driving crypto organizations. What's more, to the extent UK is concerned, it may not be as cordial as Japan or Switzerland but rather it's additionally endeavoring to lead in crypto space. There're workplaces of a few driving digital money new businesses in London, and John Glenn, country’s Junior Finance Minister had likewise said in March that his administration needs UK to stay as the best place on the planet for fintech.

Not a single thing has been disclosed as to when these visits were organized and what did the authorities learn from these visits. It just says that our regulators met regulators of Switzerland, Japan and UK to take their contributions on what to do and what not to do with cryptographic forms of money.

In any case, our regulators did precisely opposite of every one of these things. Does it seem like they learned anything?

In addition to that RBI has additionally been watching out for activities of foreign regulators. This was uncovered in its own particular yearly report issued recently. It had said in the report:

"On a worldwide level, regulatory reactions to digital currency have gone from an entire clasp down in a few jurisdictions to a relatively 'light touch jurisdictions approach'… Japan and South Korea represent the greatest shares of crypto asset markets on the planet."

Anyways, whatever these people may have learned (or probably won't have taken in), the result for us has been unfavourable till now. We presently need to hold up until September 11 when Supreme Court will deliver its decision on all petitions identified with digital currencies against RBI circular of April. Let’s hope for the best.