Ministry of Electronics and Information Technology (MeitY) is working on a national blockchain strategy in order to expand the technology’s adoption in India.
Indian Government to issue National Blockchain Strategy in order to expand the technology adoption.#blockchain #cryptocurrency #bitcoin #btc #cryptonews https://t.co/mAvp2YbJbW — Techcryption (@techcryption_) November 28, 2019
On November 27, it has been reported by the India Times that MeitY recognizes the potential of blockchain technology and the need for the development of a shared infrastructure to carry out related use cases. The Ministry added that it is working on the “National Level Blockchain Framework.”
The Indian government is working on a national #blockchain #strategy in order to spur further adoption of the technology in the country. https://t.co/bidt6QGbnU — TF Blockchain (@tfblockchain) November 27, 2019
However, MeitY said:
“Considering the potential of Blockchain Technology and the need for shared infrastructure for different use cases, an approach paper on National Level Blockchain Framework is being prepared…”
Likewise, Sanjay Dhotre, the Minister of State for Human Resource Development, Communications and Electronics and IT, noted blockchain’s capability and potential in sectors such as governance, banking, finance, and cybersecurity, among others.
“Blockchain Technology as one of the important research areas having application potential in different domains such as Governance, Banking and Finance, Cyber Security and so on.” Sanjay Dhotre
MeitY has supported a multi-institutional project titled Distributed Centre of Excellence in Blockchain Technology with The Centre for Development of Advanced Computing (C-DAC), The Institute for Development & Research in Banking Technology (IDRBT) and others as executing agencies.
As it has been previously reported that the Indian state of Tamil Nadu was working on a state-level policy for blockchain technology and artificial intelligence, Tamil Nadu’s blockchain and AI policies are expected to establish ground rules on how the state government can apply the emerging technologies for service delivery and solving governance issues.
Earlier this year, it also released a draft blockchain policy initiative, which aimed to establish an ecosystem for blockchain startups and research institutes. The initiative reportedly has a particular focus on projects working to develop blockchain applications for the banking and financial sector, pharmaceuticals, logistics and solutions for government sectors.
However, the Center conducted research on the use of Blockchain and developed Proof-of-Concept solutions. While the property registration blockchain solution has been developed and is being piloted at Shamshabad District, Telangana State, solutions are also being developed for enabling Cloud Security Assurance, C-KYC and trade finance.
Dhotre added that the Generic Blockchain-based Proof-of Existence (PoE) framework is developed to enable PoE for digital artifacts, used to check the integrity of academic certificates, sale deed documents, MoU, etc.
Thus, in July 2019, the Indian Government proposed a draft bill entitled “Banning of Cryptocurrency & Regulation of Official Digital Currencies,” that intended to not only impose a complete ban on the use of crypto in India but also to introduce a “Digital Rupee” issued by the country’s central bank, the Reserve Bank of India.