India is ready to accept blockchain
The world has accept blockchain database is spread across different locations with many transaction partners. Here, as the ledgers are decentralized, it eliminates the central controlling middlemen for transaction authentication, validation and finally processing. This is because blockchain is based on the consideration of authentication, integrity, availability, and confidentiality.
1. Role of Government Authorities
- Role of Supreme Court, Reserve Bank of India and Government of India and Policy Makers
March 06,2021: Tanvi Ratna, Founder @Policy 4.0 | Policy Advisor for India in Blockchain and Crypto indicated in a tweet that Policy Makers at Delhi are working on #crypto & #blockchain – to stand with global regulations and get fruitful advantages.
January 29,2021: Cryptocurrency bill coming to Indian Parliament for this session. India is looking strong to adopt Blockchain soon.
March 04, 2020: SUPREME COURT OF INDIA has ended a 2018 ban on banks from dealing in virtual currencies such as cryptocurrencies including bitcoins.
April 16, 2020: Ministry of Shipping to Government of India requested for the use of electronic Blockchain Technology base Bill of Lading
A Bill of Lading (“BL”) is the most vital document in International Trade.
It is a legal document issued by a carrier (including a shipping line/freight forwarder/Non-Vessel Operating Common Carrier/ Third-Party Logistics Companies) covering three important functions:
- Receipt of Goods
- Contract of Carriage
- Document of Title (ownership)
Digitalization of Bill of Lading by the Government:
An initiative towards digitalization of BL in the form of smart contracts on blockchain was taken by Mr. Gopal Krishna, the Secretary of the Ministry of Shipping of the Government of India through a letter addressed to the Secretary of Ministry of Commerce on 16th April, 2020. The letter not only enlisted the issues faced due the pandemic but also stated the need and various benefits of digitalization of the BL and requested the Ministry of Commerce to frame guidelines for use of electronic Blockchain Technology base Bill of Lading.
January 25, 2021 RBI has accepted that they need to explore the possibilities of Digital Rupee in India. We can no longer run away with the Blockchain. It is a big relief to the Indians confused with the gray scale opinion of RBI on Cryptocurrency.
2. Job Opportunities
- Increase in Job opportunities
With several startups getting back in the game, there is going to be an increase in demand for new talent in the field of blockchain development. From blockchain developers, business analysts, marketers, designers, quality engineers, and project managers in the field of blockchain would find several opportunities.
3. Entrepreneurial Wave
- Reigniting the entrepreneurial wave, under Make in India Campaign
With the vision of Make in India, India is looking strong to support the several startups working in the cryptocurrencies space in India. These flourishing ventures were not only successful in raising funding but also created job opportunities across different levels, including blockchain developers to marketers and promoters. However, in the aftermath of a cryptocurrency ban in 2018, most startups were left with no other option but to either shut shops or relocate their bases.
With the ban now lifted, it is going to certainly reignite the wave of entrepreneurship in India’s startup ecosystem. The ones that had previously shut down can now reopen. Furthermore, the field will also attract aspiring entrepreneurs whose vision will no longer be daunted by a ban. Institutional investors will also be confident to enter the promising world of cryptocurrencies and push for greater adoption.
- Crypto Trading in India
There is no dearth of crypto adventurers in India. According to a study, the daily volume of the crypto trade is more than Rs 4 billion. There are companies like WazirX offering INR-backed cryptocurrencies, too.
According to Crypto Kanoon, the country now ranks sixth in the number of patents granted in blockchain space. There are approximately 12 large crypto exchanges in India with an estimated user base of nearly 5-6 million. Indian users visit international cryptocurrency exchanges 2 million times each month. Top exchanges are having a consistent daily trade volume of 50 BTC- 60 BTC. India is making a considerable push into the global blockchain patent landscape.
5. Adaptation in Asia
- Blockchain adaptation in Asian Countries
Each country has its own view on crypto. From Asia: Japan, Bahrain, Thailand, Philippines, Malaysia, & UAE have already regulated the cryptocurrency and use of Blockchain in Central Banks. Countries like the USA, Canada, Australia, EU, Hong Kong and many other nations have taken a positive stance on the matter of cryptocurrency.
According to the sources “Japan is preparing to share its experience regarding cryptocurrency regulations with finance ministers and central bank governors from other G20 countries at the upcoming summit.”