INDIA TO ADVANCE IN BLOCKCHAIN TECH
According to reports, the National Institute of Smart Governance (NISG) has presented a draft blockchain strategy for stakeholder comments that will help define an ecosystem for distributed books and cryptography in India.
The document states that blockchain was a priority topic at the World Economic Forum in Davos, where a survey shows that by 2027 DLT will store 10% of total GDP.
The strategy envisages that by 2025, India Become a leader in the field of innovation, education, commercialization and implementation of blockchain and cryptocurrency technologies in the private and public sectors.
The document also recommends the creation of an official Indian cryptocurrency in cooperation between the government and RBI.
“It is strongly recommended that Government of India along with RBI come out with a Central Bank Digital INR (CBDR) administered over a Public Permissioned Blockchain,”
The central bank is one of many who have created their own expansion of CBDC. China is currently at the forefront, although European banks are struggling. The United States is nowhere to be seen in this cryptocurrency race because their bureaucracy is still holding them back.
The project emphasizes that laws and regulations should be based on the functionality of the blockchain, and not on the technology itself.
The Government of India, through its national blockchain, can offer the trust as a service to various decentralized applications and any number of permissions that it has included for blockchain applications.
INDIA WARMING TO CRYPTOCURRENCY?
Recently reported that Indian regulators will relax capital controls, allowing citizens to move up to $ 250,000 a year outside the country, which could give them access to foreign cryptocurrencies.
Although this is not a direct endorsement of cryptocurrencies in India, it is a step in the right direction. The RBI confirmed that cryptocurrencies are not prohibited in India, but clarified that controlled entities are prohibited from offering them in the country.
Indian cryptocurrency companies are campaigning to lift the ban. Crypto Kanoon, a local industrial organization, directly announced recent court hearings that are expected to reach a decision by the end of the month (this Friday).