India has set a Course for the Development of Blockchain

Kataryna Kovtun July 27, 2020


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Indian Prime Minister Narendra Modi spoke about the need to develop advanced technologies that are designed to become the cornerstone of the country’s development. In addition to 5G, the Internet of things, Big Data, and quantum computing, the development of blockchain appear on this list.

Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain and Internet of things: PM @narendramodi

— PMO India (@PMOIndia) July 22, 2020

Modi pointed out these investment opportunities to entrepreneurs in a speech at the Ideas Summit. The summit was hosted by the American-Indian Business Council.

The Prime Minister noted that the number of rural residents with Internet access surpassed the number of urban users. In his opinion, this creates the preconditions for the development of technology firms in a country with 1.2 billion inhabitants.

“The reforms have brought about increased competitiveness, increased transparency, increased digitalization, and greater innovation,” — he said.

At the summit, the Prime Minister called on US representatives to invest in the Indian economy, noting its openness and scale.

India adopts experience development of blockchain from China

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Modi’s comments on the blockchain could be based on China’s successes in this area and the tensions that resulted in military clashes on the joint border, according to BTCManager. The PRC authorities reported on the implementation of distributed ledger technology in the activities of 140 government services and continue to test the digital yuan.

Until today, the blockchain industry in India was represented by a small number of players who could only rely on the special conditions for doing business in the state of Telingana.

Uncertainty reigned in the country for a long time regarding the work of companies related to cryptocurrencies. It was resolved after the Reserve Bank of India said that financial institutions have no right to deny services to such startups. Before that, in March, the Supreme Court overturned the regulator’s ban that had been in effect since 2018. Read more about it here.

Modi’s speech gives hope for a better environment for India-based companies such as Matic Network and crypto exchanges WazirX and CoinDCX.

Earlier, venture capitalist and billionaire Tim Draper said he was studying the investment attractiveness of Indian crypto startups.

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