Ministry of Electronic and Information Technology is organizing an event on November 21, 2017 with Global Blockchain Foundation to discuss blockchain and its future from India’s perspective. Recently, there were many statements from RBI official that the use of bitcoin cannot be allowed, but the underlying technology has a lot of scope and they are looking ways to exploit blockchain and its use cases.
The Necessity to Accept the Reality of Blockchain
The Indian Government has been reluctant and skeptic on block chain and bitcoins but it has to accept the reality of the growth of blockchain and bitcoins. One cannot ignore the rise of digital currencies that are providing decentralized platform for transaction and ledger. The finance ministry and the RBI to be reluctant on blockchain but now are ready to discuss them and explore their future.
The first step is visible as the Ministry of Electronics and Information Technology has organized an event with Global Blockchain Foundation to discuss blockchain and its future in India. Global Blockchain Foundation is an Indian organization founded by Praneet Kumar and Pankajj P Ghode.
— Ravi Shankar Prasad (@rsprasad) November 14, 2017
RBI has already announced that it is studying blockchain and so is the government. It is necessary for the RBI as many global banks have already joined hands with blockchain to develop new digital currency. These banks are Union Bank of Switzerland, Deutsche Bank of Germany, Santander Bank of Spain and Bank of New York Mellon. These banks are planning to build a Utility Settlement Coin by early 2018.
Blockchain and Bitcoin through India’s Perspective
It is not necessary for India to go for Bitcoin but instead they can launch a new national currency for digital transactions like BharatCoin or IndoCoin. There are many bitcoin wallets operating in India. These wallets do around Rs 600 million transactions every month between 4 lakh users and every day 2500 people are adding into this world of virtual currency.
The government has pushed for digital transaction and blockchain can prove to be paradigm change in the history of India. Though it may take some time but it is evident that this would happen one day soon.
The brain behind demonetization suggested that India should prepare for Bank Transaction Tax which would be single tax reduced on every bank transaction. Given the concept of blockchain, the Indian government should mule over this concept and initiate transactions through virtual currency in a nationalized way making it trustworthy for Indians. This would certainly be a pioneer step towards decentralization and transparency towards transactions and payments.