India Might Soon Have Its Own Official Cryptocurrency Based On The New Draft

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • India aims to be one of the top countries to have implemented the Blockchain technology for innovation, education, commercialization.
  • The National Institute for Smart Governance (NISG) has reportedly submitted a new national strategy of the draft for stakeholders based on Blockchain.
  • The national e-governance had collaborated with the Ministry of electronics and information technology had worked with NISG back in 2019 to prepare this policy.

The National Institute for Smart Governance (NISG) has reportedly submitted a new national strategy of the draft for stakeholders based on Blockchain. After the announcement, the government is formulating a regulation for the framework of Blockchain two months before.

The national e-governance had collaborated with the Ministry of electronics and information technology had worked with NISG back in 2019 to prepare this policy. With the guidance of Professor Shivendu.S and the lead in the project in the NISG team has drafted the new national Strategy on Blockchain.

It forged with multiple stakeholders and industry experts. The draft paper explained that Blockchain technologies could be implemented to use it as a tamper-proof record of transactions showing individual assets or value ownership effectively using the detailed data structure.

It also allows end to end the participation of users to update any transactions effortlessly in blocks of information which has its security advantage of foolproof mechanism working on distributed consensus protocols. It can use in creating businesses using smart contracts and applications whose parameters met in the codes predefined.

By the year 2025, India aims to be one of the top countries to have implemented the Blockchain technology for innovation, education, commercialization and other sectors where the use of Blockchain can achieve.

The new draft if accepted and proposed will give a green signal for the NISG team to set standard rules and frameworks with working policies to integrate the use of Blockchain with current adapted economic ecosystems to aid them to work efficiently.

The main aim is to expand the use of Blockchain in both public sectors and private sectors. There are various applications for the implementation of Blockchain, however only the ones that fall under the regulatory policies are said to be implemented. The draft also gave a proposal for a new official cryptocurrency based on the accepted Blockchain for people of the country and outside investors.

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