September 26, 2022

Indian government experimenting with blockchain technology at national level

Indian government experimenting with blockchain technology at national level

Indian State Minister of Electronics and Information Technology said the government prepares a document that examines the potential of distributed ledger technology and the requirements for a common infrastructure for various use cases.

Minister Sanjay Dotre addressing membersParliament of India, focused on blockchain technology. He identified technology as one of the important research areas with potential applications in various fields such as management, banking and finance, and cybersecurity.

Sanjay Dotre also announced the creation of the project,which aims to study the blockchain and potential cases of using technology. Within the framework of the project, the institution conducted several pilots, including testing the authentication of academic certificates, the life cycle of vehicles and managing the registry in the hotel business.

India’s efforts have been commented on by the CEO of the acquired Binance Wazirx startup. He wrote on Twitter that blockchain without cryptocurrencies is not a public blockchain.

India follows China

Earlier, Chinese President Xi Jinping said thatChina should seize the moment, and conquer blockchain space as soon as possible. At the same time, China has not supported cryptocurrencies, having previously introduced a ban on ICOs and crypto exchanges in the country.

India holds the same position. The Central Bank of India has banned all banks from providing crypto services in the country. However, today the case is still pending before the country's supreme court.