[2017-01-27] BS: Blockchain tech needs regulation: MonetaGo

[polynesia]

Blockchain tech needs regulation: MonetaGo

http://www.business-standard.com/article/finance/blockchain-tech-needs-regulation-monetago-117012600495_1.html

The technology that was invented for Bitcoin, the digital currency, has found more takers elsewhere, especially in finance, collateral management and even the capital market.

With the ‘blockchain’ technology (BCT) finding more takers, “all those connected, like user companies, cryptography and software service providers, hardware providers, etc, should be regulated”, says Jesse Chenard, chief executive of MonetaGo, among the very few global blockchain solution providers.

In an interview to this newspaper, Chenard, who was in India last week, said his company had a consultation with the Institute for Development and Research in Banking Technology (IDBRT), set up by the Reserve Bank of India (RBI) to find a proof-of-concept on the applicability of BCT to a trade finance application, with active participation of the National Payments Corporation of India, banks and solution providers.