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India does not want to lag behind China in blockchain

The Government of India has announced a framework to support the development and integration of blockchain technology (The National Level Blockchain Framework). Blockchain will be used in several sectors of the Indian economy.

Information appeared in an official letter from the Ministry of Electronics and Information Technology (MeitY), which explains the need for a shared infrastructure:

– [MeitY] has identified Blockchain Technology as one of the important research areas having application potential in different domains such as Governance, Banking & Finance, Cyber Security and so on. MeitY has supported a multi institutional project titled Distributed Center of Excellence in Blockchain Technology Considering the potential of Blockchain Technology and the need for shared infrastructure for different use cases, an approach paper on National Level Blockchain Framework is being prepared, for scaling up and wider deployment of Blockchain based use cases.

A report from the Indian authorities appeared a month after a similar statement by Chinese President Xi Jinping. Then the market reacted with an instant and rapid growth of almost 30%. However, the growth quickly came to naught after a series of negative reports from China, the main meaning of which: blockchain does not mean the adoption of cryptocurrencies. Now history is repeating, but on a much smaller scale. It is already clear to the players that cryptocurrencies remain banned in India. Everyone who uses or mines bitcoin in India risks to get in jail. However, the situation is gradually changing, and perhaps the country has adopted an informal moratorium on such persecution. Positive mood is added by the fact that Binance purchased India’s largest digital asset platform WazirX last week. For some reason, Changpeng Zhao, the head of Binance, is always the first to know all the news in the Asian region and uses this knowledge in business.

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