Indian government plans on a National Level Blockchain Framework.

Minister of state for electronics and IT (MeitY), India, revealed that the government is drafting an approach paper on the National Level Blockchain Framework, which addresses the potential for distributed ledger technology and the requirement for a shared infrastructure for different use cases.

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Minister of state for electronics, Sanjay Dhotre addressing to the members of the Indian Parliament answered the questions about the blockchain technology. MeitY has identified Blockchain Technology as one of the vital research areas having application potential in different domains such as Governance, Banking & Finance, and Cyber Security.

 

Distributed Centre of Excellence in Blockchain Technology

Sanjay Dhotre further informed that the Indian government has already developed the Distributed Centre of Excellence in Blockchain Technology, a project that conducts research on blockchain technologies and their potential use cases. Under this project, the institution has piloted several projects, including the authentication of academic certificates with a proof-of-existence framework, and vehicle life cycle, and hotel registry management.

 

Is India following China’s lead?

Earlier, Chinese President Xi Jinping said that China should seize the moment while talking about the blockchain technology as he asked the country to assume the role of leadership. However, China has clamped down crypto businesses. China has banned ICOs and crypto trading, and now it is further tightening the regulations around crypto businesses.

Similarly, India has also taken a negative stance on the decentralized cryptocurrencies. The central bank of India had prohibited all the banks from providing any services to crypto exchanges in the country. However, the case is still pending in the supreme court of the country. The CEO of Wazirx, which was recently acquired by Binance, tweeted that a blockchain without crypto is not a public blockchain.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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