New Blockchain Strategy to Be Adopted in India for Further Adoption of Distributed Ledger Tech
- India’s strategy aims to promote development for multiple sectors, like finance and cybersecurity.
- Though India is pro-blockchain, they are decidedly anti-cryptocurrency.
Blockchain technology has been making progress as more countries seek to adopt it into various industries. In India, the government is presently working on a national strategy for the technology, expanding on the already-present adoption within its borders, according to the India Times.
On November 27th, the publication stated that the country’s Ministry of Electronics and Information Technology recognizes the possibilities that open with blockchain technology, as well as the need to promote development for additional use cases. Presently, this National Level Blockchain Framework is a project of the ministry, though other sectors are realizing the gravity of its potential as well.
Sanjay Dhotre, the Minister of State for Human Resource Development, Communications and Electronics, and IT, stated that blockchain technology could be integrated into other sectors. Some of the sectors that Dhotre believes have potential use cases with blockchain tech include cybersecurity, finance, banking, and governance, among others.
Earlier reports from Cointelegraph stated that a state-level policy was in the works for blockchain and AI tech for the Indian state of Tamil Nadu. The policies from this state are expected to be new ground rules for the application of emerging technologies, as they help with service delivery and governance issues.
The Southern Indian state of Telangana released a draft of their own blockchain policy initiative earlier in 2019, which is meant to create a healthy environment for startups and research institutes with blockchain. Reports state that there’s a specific focus on projects that aim to improve the banking and financial sectors, pharmaceuticals, logistics, and other sectors with blockchain technology.
Though India has made it clear that they are in favor of blockchain technology, it has been consistently and aggressively against the introduction of cryptocurrency. Just four months ago, the government had initiated a bill, Banning of Cryptocurrency & Regulation of Official Digital Currencies, that aimed to both ban crypto use and usher a “Digital Rupee,” set to be launched by the Reserve Bank of India.