Standing on the same line as China, India also holds its position of “Blockchain, not Bitcoin.”
In its latest announcement, India is the next country to “jump” into the Blockchain industry. Accordingly, The Ministry of Electronics and Information Technology (MeitY) is planning to expand and widely deploy this new technology.
According to Sharan Nair, India-based trading director of CoinSwitch, his company is mainly focused on private Blockchain. Unlike us, the Indian government and most countries tend to view Blockchain and cryptocurrency as two completely separate entities. In particular, when the government uses this term, it does not represent the public Blockchain as most people think.
Nair emphasized, as the government increasingly uses the term Blockchain, awareness, and ability of cryptocurrency applications will increase over time.
“With this new advancement, I feel the government may soon get a glimpse of public blockchains and how cryptocurrencies play a critical role.”
India’s top concern right now is about private blockchains. According to them, it could bring many benefits in clarifying the rules for public blockchain, helping cryptocurrency businesses operate more smoothly.
“What the ecosystem needs are clarity on the use of cryptocurrencies in public blockchains. A regulatory sandbox until then would be a progressive step.”
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