India's Ministry of Electronics and Information Technology announces national blockchain strategy

India's Ministry of Electronics and Information Technology (MeitY) has released 52-page data on the “National Blockchain Strategy” (NSB), according to forkast, which provides public and private sector companies with the second most populous in the country. . Blockchain infrastructure.

It should be noted that the NSB document is now an update to the data released earlier this year. According to the data, India hopes to develop a national blockchain platform for further use of the blockchain in multiple entities.

The data indicates that MeitY hopes to develop a “National Blockchain Framework” (NBF). Because the country needs a "geographically decentralized state-level integrated infrastructure" with nodes across India that benefit from large-scale blockchain. appropriate conditions.

The document states that the national blockchain infrastructure will be used to deliver the blockchain as a service. He added that the development of NBF requires a combination of education, government, start-ups and businesses. Initially, NBF was only used in the area of ​​e-government, but over time it will evolve into more widely used applications.

The document goes on to say, “It sets out the overall vision, development and implementation of the national blockchain platform, covering technology, technology, law and governance, development standards, collaboration, human resource development and accessibility. We will work with other departments and other stakeholders to ensure the plan is implemented.

Indeed, in July this year, Reserve Bank of India Chairman Amitabh Rajan told a BFSI Leadership Summit meeting that India needs to keep pace with blockchain and industry 4.0.

Recently, Mukesh Ambani, CEO and CEO of Reliance Industries, an Indian and Fortune 500 company, spoke at a conference hosted by Indian International Financial Services Center and Bloomberg, “Blockchains are a tool I believe in. It's different. In cryptocurrency ”. , "He said.

CrossTower recently released a research report on “India's $ 1.1 trillion digital heritage” in partnership with the US-India Strategic Partnership Forum (USISPF). The report shows that by 2032, economic growth will increase India's GDP by $ 1.1 trillion. This report shows how India acquired Web 3.0 as an investment in digital assets and why blockchain technology can be self-sufficient in digitizing the income of India's board ecosystem. The CrossTower report noted that most of India's $ 1.1 trillion total industry growth over the next 11 years could come from companies that have yet to develop second-tier assets.

Additionally, while this document provides an overview of the Indian government's target blockchain, it does not set specific goals or timelines. However, he is intended to be a mentor for government and industry partners and built confidence in the Indian blockchain community when cryptocurrencies were dominated in India recently.

India's cryptocurrency plan is believed to have been included in the board discussion, but this model has yet to be released, so there is a lot of speculation about its implications. However, the target bill is to ban all cryptocurrencies. According to a new statement, the government is not banning cryptocurrencies at all, but rather regulates them as assets, thus bringing the light of trust to the crypto community.