On November 27, Sanjay Dhotre, Minister of Electronics and Information Technology (MeitY) of India, said today that considering the potential of blockchain technology and different applications, India is preparing a "national blockchain strategy."
The Minister went on to say that blockchain is one of the important research areas, and that it has potential applications in areas such as governance, banking, finance, and network security.
To this end, the Indian Ministry of Electronics and Information Technology has also collaborated with other government agencies, including the Institute of Banking Technology Development, to support a Blockchain project.
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It is reported that the government department is developing a blockchain-based "Proof of Existence (PoE)" framework for academic certificates, sales contracts and other documents.
"Through the PoE framework, we have developed an academic certificate solution, and blockchain technology is also used to develop applications such as vehicle lifecycle management and hotel registration management."
In addition, the Indian government is also developing a blockchain real estate registration solution, and has been piloted in Telangana. Other blockchain solutions it has developed are mainly focused on trade finance, cloud security, and KYC.
While supporting the blockchain, the Indian government is cracking down on virtual currency transactions
Despite the Indian government's strong support for blockchain technology, the country recently introduced a draft bill banning cryptocurrency transactions and recommending a 10-year prison sentence for anyone using cryptocurrencies.
Last April, the country's central bank also banned banks from servicing cryptocurrency exchanges and companies.
Since then, a number of Indian exchanges have submitted legal petitions to lift the Indian central bank's ban, but the matter is still pending before the Supreme Court of India, and the next hearing is scheduled for January next year.
Regulatory uncertainty has forced several Indian exchanges, including Koinex, Coindelta, Coinome and Zebpay, to cease operations.