Conversations on Blockchain Applications and Decentralisation in the Financial Sector
The financial sector is witnessing the rise of decentralised technologies, such as blockchain and decentralised ledger technology (DLT). Globally in several countries, including India, policymakers and the private sector are proactively exploring the innovation potential of such decentralised technologies across various sectors. These technologies enable information sharing and transaction recording without the need to rely on a centralised entity. This enables decentralised technologies to offer new services and revamp the existing legacy systems for recording information and transactions. Decentralised technologies have also contributed to the emergence of cryptoassets and decentralised finance.
The decentralised and distributed nature of these technologies poses challenges for regulatory and supervisory frameworks designed for centralised systems. The rise of these technologies and their use in the financial sector, therefore, raises complex policy and legal issues that require careful consideration to ensure that their potential is realised in a sustainable environment.
The Fintech team at the Vidhi Centre for Legal Policy (Vidhi) has been studying the policy and legal implications of these technologies and their use case particularly in cryptoassets. In its latest independent working paper on ‘Designing a Governance Framework for Blockchain Applications’, Vidhi seeks to identify core foundational principles to build an enabling framework for blockchain use. On this basis, the working paper proposes a governance framework that can guide the use of blockchain in a legally sustainable manner. In January 2022, Vidhi also published a working paper on ‘Blueprint of a Law for Regulating Cryptoassets’ arguing for a bespoke regulatory framework for cryptoassets.
To take this conversation further, Vidhi is hosting a two-day panel discussion on Blockchain Technology and Decentralised Finance on 9 November 2022 and 10 November 2022 respectively. The objective of the discussions is to bring together domain experts to start a policy discourse in India on the innovation potential of these technologies and the policy and legal issues that need to be considered for their use.
Vidhi cordially invites you to attend the panel discussions over Zoom.
Day 1: Future of Blockchain Applications | Exploring Opportunities and Addressing Challenges
Date: 9 November 2022 (Wednesday) | Time: 3 PM IST / 10:30 AM Paris Time / 5:30 PM Singapore Time
The discussion will focus on the nature and innovation potential of blockchain, especially for public sector use. It will also examine the key policy considerations for adopting and scaling blockchain applications. This event will also mark the release of Vidhi’s working paper on ‘Designing a Governance Framework for Blockchain Applications.’
- Harsha Bhowmik, Director (Digital Economy and Fintech), Department of Economic Affairs, Ministry of Finance, Government of India.
- Jamie Berryhill, Public Sector Innovation Lead, Organisation for Economic Co-operation and Development.
- Prof. Kelvin F.K. Low – Professor, Faculty of Law, National University of Singapore.
- Purushottam Kaushik, Head, Centre for the Fourth Industrial Revolution Network (India), World Economic Forum.
- Dr. Vinay Ribeiro, Associate Professor of Computer Science, Indian Institute of Technology Bombay.
The discussion will be moderated by Shehnaz Ahmed, Lead Fintech, Vidhi Centre for Legal Policy.
Day 2: Decentralisation in the Financial Sector | Understanding the Opportunities, Risks and Policy Priorities
Date: 10 November 2022 (Thursday) | Time: 1:30 PM IST / 4 PM HKT / 8 AM London time
The discussion will deconstruct the rise of decentralised finance, its impact on the structure and the model of financial services offering and delivery and the legal and policy risks that may emanate from their increased adoption. The discussion will also focus on key findings and recommendations of the research papers authored by the speakers on different aspects of decentralised finance.
- Prof. Douglas Arner, Kerry Holdings Professor in Law, University of Hong Kong.
- Dr. Iwa Salami, Reader (Associate Professor) in Law and Co-Director of Centre of Fintech, University of East London.
- Sumedha Deshmukh, Policy Advisor, Crypto Council for Innovation, PhD Student (University of Cambridge), and Lead Author, World Economic Forum Decentralized Finance Policy-Maker Toolkit.
This discussion will be moderated by Shehnaz Ahmed, Lead, Fintech, Vidhi Centre for Legal Policy.
For any questions or assistance, please email firstname.lastname@example.org .
The event will also be broadcasted live on Vidhi’s Youtube page.