- Indian blockchain sector is under threat, as the bureaucrats lack to understand the technology
- Indian policymakers consider that cryptocurrencies and the underlying technology have no real benefits
- The authorities should take baby steps to experiment and embrace the potential technology
Indian blockchain industry has been observed under threat of a few bureaucracies that don’t understand the technology. Still, few names are found defending the industry and helping it to grow up. The industry has got some solid support which ensures its survival and evokes the vision of a billion smartphones acting as gateways to the brave new decentralized sector. Indeed, as the country has performed well in mobile payments, the bureaucrats have developed a phlegmatic resistance to the latest ideas.
Indian bureaucrats deemed blockchain has no benefits
It is observed that in India, payments via wireless devices are taking place worth $60 billion each month. The stats are found to be three-fifth more than ATM withdrawals. Following such a rate of digital adoption, it can be concluded that the country has been performing well in terms of mobile payments.
Still, the Indian Bureaucrats have seemingly developed a calm resistance to the latest ideas. Such bureaucrats are misunderstanding cryptocurrencies like Bitcoins and other altcoins. Many consider digital currencies as money laundering instruments, which offers no real benefits. However, the country’s nascent blockchain industry is soaring but in fear. According to a report from Reuters, the country has plans to outright possible bans on all currencies except the central bank-issued currencies.
Coinbase plans to turn every phone into bank accounts
Coinbase wants to facilitate Wall Street’s capabilities to everyone in the world. According to Balaji Srinivasan, former CTO at Coinbase and an angel investor, every phone should be turned into a bonafide Blomberg terminal with a bank account.
However, following the scenario, in the Indian blockchain industry, the recommendation of Srinivasan has come at a crucial stage. According to Srinivasan, a digital wallet can handle both central bank-issued electronic cash and cryptocurrencies. Such a wallet can give every Indian the ability to make domestic and international transactions. Moreover, it will also attract crypto capital from around the globe, which can potentially leapfrog the 20th century’s financial system.
India’s policymakers should embrace blockchain technology
Indian bureaucrats should take a pause before outrighting any sort of an impractical ban on digital currencies. Where millennials have already embraced cryptos, it is observed that the country is of late providing more volume than China on popular P2P platforms. Following such a scenario, the authorities should take baby steps and experiment with the technology. Indeed, the blockchain industry will need time to get matured.
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