India’s securities regulator, the Securities and Exchange Board of India, organized tours to other countries for its officials to study cryptocurrencies and initial coin offerings, according to its 2017-18 annual report.
According to the report, these “study tours” took place at Japan’s Financial Services Agency, the U.K. Financial Conduct Authority and the Swiss Financial Market Supervisory Authority. The idea was for officials to “engage with the international regulators and gain deeper understanding of the systems and mechanisms.”
The nation’s central bank banned cryptocurrencies in April. Then it formed a committee in August to study cryptocurrency and blockchain, among other “emerging” technologies. Then the bank said, in its own annual report, that it formed another committee to study whether to create its own digital currency to be the equivalent of the Indian rupee.
India appears to be trying to make up for lost time.