Indian government is working on a national blockchain strategy but has nothing to do with cryptocurrencies

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.

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.

Dhotre said:

"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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Hong Kong Stock Exchange with cross-border marriage: will enter digital asset trading within three years

On September 11, the Hong Kong Stock Exchange suddenly announced that it intends to issue a merger proposal to the Lo...

Blockchain

Raise $130 million! Encrypted exchange INX will issue securities tokens via IPO

According to Coindesk's August 20 report, the incremental exchange startup INX Limited plans to raise $129.5 mil...

Blockchain

OTC is a hotbed of money laundering, can the exchange stay out of the way?

What should I do if my account is accidentally frozen? The over-the-counter market (OTC) is becoming more and more at...

Opinion

The inevitable outcome of Non-EVM public chains? Analyzing the reasons for the decline of ICP from multiple perspectives

This article will start with the technical characteristics of ICP, then discuss the shortcomings of its NNS governanc...

Bitcoin

Restoring the entire process of asset transfer: $6.02 million stolen from the DragonEX exchange

In the early morning of March 24th, Beijing time, the DragonEX exchange issued a notice stating that its platform dig...

Blockchain

Hackers are getting smarter, with the largest number of exchange attacks ever in 2019

Source | bitcoinmagazine Translation | Huohuo Sauce Production | Blockchain Camp (ID: blockchain_camp) Currently, maj...