Indian Government Getting Ready to Issue National Blockchain Strategy
By Luke Flowers - Cryptocurrency Speculator
To expand the adoption of blockchain technology in the country, the Indian government is working on a blockchain strategy for across the nation, as reported by Cointelegraph. Could India be changing their stance as they have been known to prohibit citizens from buying and selling Bitcoin as well as other cryptocurrencies in the past.
On Nov. 27, India Times reported that India's Ministry of Electronics and Information Technology says it realises the potential of blockchain technology as well as the need for developing a shared infrastructure to carry out related use cases. The Ministry further stated that it is working on the "National Blockchain Framework." Though this is progress for India within this space, no indication has been suggested if resident will be able to buy and sell cryptocurrency that is powered by the blockchains.
Sanjay Dhotre, The Minister of State for Human Resource Development, Communications and Electronics and IT, consider the potential benefits of utilising blockchain in sectors such as banking, governance, cybersecurity, finance, and more.
It was previously reported by Cointelegraph that the Indian state of Tamil Nadu was working on a state-level policies for artificial intelligence and blockchain technology. The blockchain and AI policies of Tamil Nadu are believed to help start establishing the foundation on how the state government could apply these new technologies for solving government issues and service delivery. The concept of these policies and how they can benefit the state government could have alleviate concerns of blockchain technology and buying Bitcoin which have resulted in the ban.
A draft blockchain policy initiative was released by the southern Indian state of Telangana earlier this year in hopes of establishing an ecosystem for blockchain research institutes and startups. This concept aims to help develop blockchain applications for a variety of different sectors such as Banking, logistics, pharmaceuticals as well as government sector solutions.
Although India shows great interest in blockchain technology, the regulations currently surrounding cryptocurrencies aren’t exactly favorable and have stifled innovation of the space. For instance, the Indian government had proposed a draft bill back in July that was titled "Banning of Cryptocurrency and Regulation of Official Digital Currencies,". This not only intended to impose an absolute ban to buy and sell Bitcoin and the use of digital currencies in India, but also prevent the country's central bank from issuing a "Digital Rupee."
This revitalised interest from states on how the technology could be utilised for the benefit of the nation, could help swing the government opinion on blockchain and even buying and selling Bitcoin.
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