The government of India published an extensive 52-page report on its strategies on Blockchain and Cryptocurrency. The world’s most populated democracy has been cautious in its approach to cryptocurrency. The recent report indicates India’s willingness to progress and position itself as a global blockchain superpower, with several potential application plans in the pipeline.
HashCash CEO and blockchain pioneer Raj Chowdhury has been optimistic about India’s current cryptocurrency stance, stating “With rapid digitalization and adoption of new-age technologies, India is consistently expediting its growth as a potential superpower. It makes sense for the progressive nation to make cautious moves with blockchain technology and cryptocurrency.”
India’s Plan on Blockchain Integration
Globally, India has the largest number of crypto owners, ranking second in the Global Crypto Adoption Index for 2021 by Chainalysis. The National Blockchain Strategy Report published in December this year highlights the country’s plans on blockchain incorporation to improve the delivery of services.
The National Blockchain Framework
“Blockchain’s shared ledger technology empowers people in ways unimaginable. The elimination of intermediaries creates room for better investment opportunities and an overall boost in functional efficiency,” mentioned Chowdhury.
The country plans on building a National Blockchain Framework for promoting trust. It is likely to appoint the national market regulations board SEBI to oversee cryptocurrencies. Several projects are in the pipeline, with the government looking forward to incorporating blockchain technology across a wide array of services.
Impact on Cryptocurrency
The report also reflects the nation’s intentions towards cryptocurrency. The Indian government is not likely to ban cryptocurrency, relieving concerns of crypto exchanges and owners. The decision also provides a platform for further research and development on cryptocurrencies.
The present stance includes a golden opportunity for enterprises looking for business growth and opportunities using blockchain and digital assets. Companies offering blockchain development solutions have made significant contributions in productivity across multiple sectors including finance, fintech, gaming, supply chain management, and more.