India’s progressive, yet cautious stance to bolster crypto sector, says expert

December 22, 2021

India’s recent strategy report on blockchain and crypto assets is good for enterprises looking to boost business growth and opportunities through the latest technology

Noted blockchain pioneer, keynote speaker, and HashCash CEO Raj Chowdhury is optimistic about the Indian government’s strategies on blockchain and cryptocurrency.

India as a nation has the highest number of crypto owners worldwide. The country was ranked second in Chainalysis’s 2021 Global Crypto Adoption Index. However, possible crypto ban speculations lead to panic-selling making an impact on the already volatile crypto markets. The recently declared National Blockchain Strategy provides relief to not only digital asset owners, but also to the businesses utilizing blockchains and cryptocurrencies.

“With rapid digitalization and adoption of new-age technologies, India is consistently expediting its growth as a potential superpower. It makes sense for the progressive nation to make cautious moves with blockchain technology and cryptocurrency,” remarked Chowdhury.

The extensive 52-page report was published in December this year by the Ministry of Education and Information Technology. It highlights the Indian government acknowledging the importance of blockchain technology and its potential incorporation in several sectors for optimized digital service delivery. The country plans to build a National Blockchain Framework and is likely to nominate SEBI, the national agency for market regulation, to oversee cryptocurrencies as well.

“Blockchain’s shared ledger technology empowers people in ways unimaginable. The elimination of intermediaries creates room for better investment opportunities and an overall boost in functional efficiency,” he said.

Chowdhury leads global blockchain development company HashCash Consultants and a worldwide digital assets exchange PayBito. He has voiced his opinions on the need for smart financial planning and promoting financial literacy at an early age. He has previously spoken against nations attempting to block the cryptocurrency and forewarned the possible implications. A firm believer of a decentralized economy, he has also highlighted the merits of balancing public and private crypto assets. Chowdhury is the author of The Dark Secret of Silicon Valley.

 

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