S Chain Labs: India’s Blockchain Consulting Strategy & Research?
What Is S Chain Labs?
The crypto coin market has been thriving in India for quite a while. However, recent actions in China and South Korea have led to jitters within the Indian market. The main reason for this is that China is the biggest economy in Asia. Thus, anything that happens in the county is watched closely.
When news broke out that China was shutting down anything to do with crypto coins, it led to some fears in the crypto industry in India. However, the industry managed to pull through. Real fear began to set in when the Indian government announced that it did not support crypto. The government warned citizens that the entire crypto industry closely resembled a Ponzi scheme and that they would do well to avoid it.
However, that did not dissuade investors in the sector. The government seemed unwilling and uninterested in taking any concrete measures against the sector. That was until the Indian tax authorities began to take measures to ensure anyone who held crypto paid taxes. While it caused some anxiety in the sector, it showed that India considered crypto to be genuine property.
India's Finance Minister’s Speech
The recent speech by the Indian finance minister in 2018 led to a lot of anxiety in the crypto sector. However, it is still worth noting that the government did not announce any measures to shut down crypto in the country. However, combined with various aggressive measures the government took, this has simply proven too much for most investors in digital exchanges.
S Chain Labs Blockchain Consulting Strategy & Research Creation
BTCXIndia was set up four years ago in India. The company behind it also opened another exchange, which they named ETHEXIndia. Since they set up, the company behind these two exchanges has served over 35 thousand customers. In that time, they have seen the crypto industry grow rapidly. In all that time, they have never been hacked. They have successfully facilitated the efficient trade of crypto. Besides that, they have always adhered to AML and KYC rules and have been tax compliant all through.
Until the rules of public blockchains and digital currencies are set up, the two exchanges will exit the marketplace. Their platforms will now fully focus on consultancy and working with various projects involved in blockchain technology. The exchanges stopped all trading on their sites on February 28, 2018. All users were advised to withdraw their digital assets before that date.
S Chain Labs Consultant Services
Those behind the exchange were already offering consultancy services as early as April 2017. Thus far, they have managed to build up a client registry platform, payment solutions, automated escrow services, and much more for those in the fields of health, agriculture, and finance. Schainlabs is going to launch on March 9, 2018. It will focus on blockchain-based apps development and consultancy services.
By doing so, Schainlabs hope that they can assist the government to understand the major benefits that Indians stands to gain from the blockchain. Consequently, it might lead the government to consider coming up with legislation that is supportive of the blockchain industry.