According to the Business Standard report, the CEO of SettleMint announced the launch of its India operations at a ceremony hosted at the private residence of Ambassador of Belgium earlier this week. The adoption of blockchain technology in India has been increasing quite rapidly.
“India is a hotbed of blockchain technology activity.”
The CEO of SettleMint, Matthew Van Niekerk, said that they are delighted to begin their journey in India, which is currently a hotbed of blockchain technology activity. He added that keeping in line with the incredible adoption pace of this technology world over, India can benefit from blockchain as a key technology to realize the government’s vision of $5 trillion economies.
India is planning to issue a national level blockchain framework.
Earlier, Indian ministry for electronics and IT recognized blockchain as one of the vital research areas having application potential in different domains such as Governance, Banking, and Cyber Security. The government in the country is also drafting an approach paper on the National Level Blockchain Framework for technology’s different use cases.
However, India’s stance on cryptocurrencies is still negative as the country is planning to ban the use of all cryptocurrencies in the future. Earlier, the central bank of the country prohibited all the banks in the country from providing services to crypto exchanges, which caused several exchanges to shut down.
Recently India’s biggest crypto exchange, WazirX also got acquired by Binance. It would be great to see big Indian companies like Jio, Cricbuzz, Ola, Reliance etc to move their operations on blockchain technology too.