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.
A recent question in Lok Sabha asked about Government efforts in Blockchain
Response was that MeitY is working on a national blockchain policy.
Reminder: Blockchain without Crypto = No Public Blockchain
— Nischal (WazirX) ⚡️ (@NischalShetty) November 28, 2019