Narendra Modi throws support behind blockchain in spite of India’s animosity towards cryptocurrencies

In the India Ideas Summit, Indian Prime Minister Narendra Modi mentioned blockchain along with other UK technologies like Big Data and 5G. In particular, by focusing on advanced technology to emphasize India’s progress, Modi wants to attract more foreign capital.

Indian Prime Minister Narendra Modi mentioned blockchain alongside other “frontier technology”

The virtual summit, hosted by the US-India Business Council (USIBC), was a high-profile event that involved many lawmakers and businessmen from both parties.

In his speech, Modi stated that now is the best time for investors to put their money into different sectors of the Indian economy – from finance to agriculture.

Then he stated:

“For the first time in India, there are more rural internet users than urban internet users. Half a billion total people connected in India. Opportunities in 5G, big data analytics, blockchain, IoT.”


Indian Prime Minister Narendra Modi

Taranjit Singh Sandhu, Indian ambassador to the United States, envisions India as a future digital empowered society India is trying to achieve by curbing legal barriers for businesses. Back in 2015, only 22% of Indian adults could go online, but Modi said that half of the country’s population now has internet access. There are still many untapped opportunities for investors.

India accepts that blockchain is incompatible with its hostility towards the asset that spawned this technology – cryptocurrency. Back in April 2018, the Reserve Bank of India (RBI) imposed a ban on cryptocurrency trading, bringing a stunning blow to the local industry.

As AZCoin News reported, the ban was lifted by the Supreme Court in early March, but local banks were still hesitant to open their arms to cryptocurrency companies.

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