April 21, 2024

India will develop a national blockchain strategy

As Indian Minister for Electronics and Information Technology Sanjay Dhotre said, in India"Preparing a national strategy for the use of blockchain."

This initiative will be consideredapplication of technology in various industries. At the same time, the minister called the blockchain “one of the most important technologies for research”, which can be applied in the areas of management, banking, finance and cybersecurity.

Also in India will be launched the project "DistributedCenter of Excellence in Blockchain Technology ”, which will be supported by the Center for Advanced Computing Development (CDAC), the Institute for Development and Research of Banking Technologies (IDRBT) and other government agencies.

The solution is already being tested in the state of Telanganaon registering property rights on the blockchain. Also, a blockchain-based Proof of Existence (PoE) concept will be developed, which can be used to confirm the authenticity of diplomas, certificates, contracts and other documents.

Apparently India is set to followfollowing the example of China - ban cryptocurrencies, but accept blockchain. Next year, a hearing will take place regarding the ban on banking services for cryptocurrency companies, which was introduced a year and a half ago. But perhaps India will completely ban the use of cryptocurrencies.

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