Blockchain: Is The Indian Government Confused?
Modi's speech at a recent event makes note of the importance of using blockchain in the agricultural sector. However, it would be wise to note that the rest of the government isn't very happy with blockchain.
From the PM's inaugural address at the 106th session of Indian Science Congress:
The Prime Minister said that big data analysis, artificial intelligence, block-chain etc should be utilised in the agricultural sector, especially to help the farmers with relatively small farm-holdings.
For many startups in this space registering a blockchain company is extremely difficult. Companies registrar in the recent past has known to create issues fearing the cryptocurrency angle and confusion within government bodies over the legality of cryptocurrencies.
RBI has mandated it's licensed entities that they should not render any banking services to exchanges or cryptocurrency businesses. But the hindrance caused due to this has stifled growth of startups in this space.
So when we read our PM saying blockchain tech should be adopted, the government agencies who have insufficient knowledge on the subject steer away from any aspect of it.
It's the not the first time that the PM of India has suggested the importance of blockchain and infact many state governments are employing the technology in many ways.
However, for a citizen willing to setup a company in this sector and create employment opportunities, the government agencies are nothing more than a hurdle at this point.
What irony! Wouldn't you say?
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The Indian Government is not just confused. I'm pretty sure they are slowly seeing the benefits of blockchain as other countries are slowly adopting it into their systems. Many sitting in the government bodies are still uneducated on blockchain and will require someone who has in-depth knowledge to explain it to them. Maybe then they'll open their arms towards blockchain-based companies.
When it comes to cryptocurrency - They have not considered cryptocurrency as legal tender but are looking into it. I can't find the original post but this site shows the questions by Lok Sabha answered by the Ministry of Finance in brief - https://cryptodost.io/india/lok-sabha-on-cryptocurrency-indian-government-still-negative-on-cryptocurrencies.html
And I'm pretty sure, as all Indians know, everything takes time in India for a final decision.
Indian government and related institutes are really confused, to be honest. If you see speeches of Indian PM, the only thing which I notice is that he is using a lot of jargon without even understanding any of those terms. AI, blockchain etc has become hot words. Regarding blockchain, the terms bitcoin, cryptocurrency and virtual currency(?) are all synonymous for GOI and RBI etc! They should hire some experts rather than saying bla bla!
I spent a lot of time on steemit and also understanding various crypto currency details.
Since all is kinda dead now it's highly disappointing for me. At times I regret about not withdrawing all my money from steem and other Cryptos.
Nothing is dead, to be honest. The only thing which worries me regarding STEEM is its dependency with the BTC price. Once STEEM finds its unique position in the crypto-world, we can rejoice. By the unique position I mean this:
Hi @blog-beginner.... No need to regret! Wait patiently for one more year or bit more... Everyone is hopeful here :)
I do not think that the government is confused. In fact, the government has saved a lot of people who were mortgaging their money by selling their houses by pledging their property.
1 bitcoin got $ 18000 a year ago and today its value is $ 3800, so where is Confusion?
I feel that unless it is ready to be fully prepared and there is no regulation of it, then the palm should not be approved
In my opinion they have been studying about crypto, so our pm utilize the word blockchain technology in his speech.Lets wait and watch the game.
Lol, brother, do you really think Chai even understands what blockchain is? Chai just parrots what is told to him by his echo-chamber comprised of a few NRI friends. If he had actually understood it, he would have actually done things about the tech, promoted it, legalized it, regulated it. But he didn't do anything. Like most of the things he says.
I know who is really confused that is media.. thier spreading negative news all our and hiding good one.