August 11, 2023

Indian Ministry Eyes Using Crypto Tokens To Sign Documents Digitally

Crypto in India

Crypto in India

Indian citizens could soon be able to sign documents digitally using crypto tokens. This feature is being developed as part of a national web browser project led by the Indian Ministry of Electronics and Information Technology.

The Indian ministry has recently launched the Indian Web Browser Development Challenge. The challenge aims to inspire and empower developers from all over the country to create a home-grown web browser with an inbuilt Controller of Certifying Authorities (CCA) India root certificate, according to Cointelegraph.

“[The] Proposed browser would also focus on accessibility and user-friendliness, ensuring built-in support for individuals with diverse abilities,” the ministry noted.

The announcement pertains to the feature of digitally signing documents through a crypto token that can be embedded into the browser.

This month, India, which currently assumes the presidency of the G20, voiced its support for the Financial Stability Board’s (FSB) recommendations to outline a global crypto framework, published in July.

On August 1, India shared its presidency note for input in a global framework for cryptocurrency. The note agreed with the guidelines the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the FSB set. However, India also suggested additional emphasis on developing countries within the guidelines.

The note also recommended outreach to all jurisdictions to raise awareness of potential risks, beginning with countries with higher levels of cryptocurrency adoption. Furthermore, India suggested that the future regulatory approach to the digital economy should extend beyond the scope of the G20.

A recent survey revealed the Indians’ growing interest in exploring and investing in cryptocurrencies as 92% of the surveyed Indians said that they are aware of the crypto and 56% of them pointed out they understand how the cryptos work. Only seventeen percent see cryptos as speculative assets, and 20% believe they are scams.

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