India: Will Karnataka Setting Up An Innovation Authority Help Tech-Firm Operating In The Cryptocurrency Space?
The state of Karnataka is considering setting up an innovation authority under the chairmanship of it's Chief Minister to protect businesses that are consumer friendly but operate in a grey area.
Example: Unocoin that installed a cash deposit machine for its costumers in Bangalore but the event resulted in the arrest of its co-founders.
The state government is said to be working on an e-commerce policy as this sector is currently the biggest employer in the state. Bangalore is filled with e-commerce startups which shouldn't come as a surprise as the city is the IT capital of India.
Kharge was the IT Minister in the previous government and said this to 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.
“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 said.
However, while these initiatives will benefit the end user as well as businesses setting up in the city, the interface between the government machine and citizens need to reduce. This will help bring down the rampant corruption in the state.
The technology space is innovating at a fast pace and policy is left to catch up. Our current regulations are insufficient to deal with the changes in the technology sector brought on by blockchain technology and cryptocurrencies.
There is a dire need for the government to speed up its processes of policymaking to reduce the brain drain occurring in the country. Allowing innovative businesses to flourish in the country is going to make a very positive difference in the years to come.
Do you think the State of Karnataka is on the right track with their idea of putting together an Innovation authority to help make the business environment a lot more friendlier?
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Wow,great news!this will definetly bring innnovations towards our country.Thanks for sharing this informations.
State Karnataka is perfect for putting together business development environment I think this is only a speech from the c.m.this journey is so long beacous government work lezzey .
The idea of setting up an Innovation authority by Karnataka was thought by previous Govt and glad the current Govt is picking it up. As far the regulations, would not be beyond the IT and E-commerce. Picking up a thought of Crypto won't happen soon is my feeling.
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@firepower, Good to know about this Authority and if it will establish soon then for sure it can give some relief to the Cryptocurrency Economy particularly in India. And we know that now people are showcasing the interest towards the Cryptocurrencies no matter how much FUD is spread. And if this Authority is established soon then for sure it will going to inspire others too.
Wishing you an great day and stay blessed. 🙂
You are right This will help in curbing corruption.