January 28, 2023

India will develop a national blockchain strategy

According to Sanjay Dhotre, Minister of Electronics and Information Technology of India, 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 being tested in Telanganaon registering property rights on the blockchain. Also, the concept of “Proof of Existence” (PoE) based on the blockchain will be developed, which can be used to confirm the authenticity of diplomas, certificates, contracts and other documents.

Apparently, India is going to followChina's example is to ban cryptocurrencies, but accept blockchain. Next year, a case will be considered on the ban on banking services for cryptocurrency companies, which was introduced a year and a half ago. But perhaps India will completely prohibit the use of cryptocurrencies.