Using Project Sakhi, crypto can be channelised from across the world to provide loans to Indian MSMEs, says Sharad Sharma, cofounder, iSPIRT at The Crypto Summit
To regulate crypto, there’s a need for a techno-legal regulation, similar to what the RBI did in the case of account aggregators
IFSC, GIFT Gujarat can act as a unified regulator in this context, thinks Sharma
India’s volunteer-based technology think tank iSPIRT Foundation is working on crypto as another building block for India Stack. Speaking on day 1 of The Crypto Summit, India’s largest crypto and blockchain summit, Sharad Sharma, cofounder of iSPIRT Foundation presented how crypto can be incorporated into India Stack APIs and will pool the immensely required credit system to the Indian MSME ecosystem.“With crypto, we are trying to find solutions to real-world problems,” Desai said.“The regulation has to make a shift from pure regulation, that is regulators issuing guidelines to techno-legal regulation when there is a standard and then there are policy rules. India has done that in the case of account aggregators (AA). So, going forward, we need a techno-legal framework for crypto,” said Sharma.
With Account Aggregator and Open Credit Enablement Network (OCEN), Sharma averred that as average loan amounts going as low as INR 238, there will be a massive increment in the loan demands in the near future and a crypto-based DAP (Digital Asset Pool) Fund can fulfil this.