Despite the Rules Put Forward by the Indian Government, Blockchain will Continue to Thrive
The Reserve Bank of India (RBI), which is the country’s central bank, keeps warning about the major issues posed by cryptocurrency on the macroeconomic and financial stability of the nation. The Prime Minister of India, Narendra Modi, has also stated crypto, saying it could “spoil our youth”. Shaktikanta Das, the governor of RBI, says that Blockchain can thrive without crypto, which has been agreed upon by various stakeholders functioning in the ecosystem. In short, the government sees potential in blockchain technology and problems in crypto.
The biggest problem with crypto is the lack of regulations, which is unacceptable by the government. However, it is seen as a technology that can thrive, especially in the finance sector in terms of smart contracts and trade finance when it comes to Blockchain. There are also discussions for storing digital assets on the blockchain ledgers, including digital gold, bonds, and equities. The exploration of blockchain technology can be seen in various other areas, such as the hospitality industry, retail industry, healthcare sector, and mobility.
A new company called “Blockchain infrastructure Company Pvt. Ltd. (IBBIC)” was founded to solve the traditional banking system problems. This company is a result of an initiative taken by 15 banks, of which 4 are from the public sector, 10 from the private sector, and a foreign bank. Developing a blockchain ecosystem are Indian start-ups such as SoluLab Inc, OpenXcell, and many more.
The Indian government’s decision to go forward with Blockchain while excluding crypto is not desirable for many start-ups, especially those involved in trading cryptocurrencies. If the government doesn’t consider this, many companies may have a tough time.
The government has started exploring the technology of Blockchain, which is an amazing step to take, although a few people feel the government shouldn’t interfere in this space. However, the point is that the government has already started venturing into Web3.0, and decisions are made considering the entire nation.
It is said that India will be leading in this new phase of the internet, the Web3.0, and will improve the country’s economy by adding more than a Trillion Dollars to its GDP in the next decade. Development of the Blockchain is ongoing and will thrive till the pinnacle.