As we know blockchain has created the great impact all over the world. In India, the situation is quite different. Blockchain technology is considered as nascent technology. There are many controversies regarding the status of Bitcoin in India. Joint director,head-corporate affairs and capital market division of ASSOCHAM Santosh Parashar said,”all insecurities and controversies are due to the lack of knowledge about this technology”.
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India’s going to assert itself in financial technology
This technology is Legal or illegal. These are two different aspects. Both are in discussion. Santosh said , the technology holders have not come from Neverland, but their work based on experiences. What is the future of blockchain in India? Future is uncertain. We know that India is known as IT hub for more than a decade, but things could soon take an even better turn as the country carries huge potential to create the same story in financial technology.
Global Summit platform
On 21st April 2017, the second Global Summit will be held in Bangalore. The summit will serve as a platform to discuss all the insecurities, challenges and opportunities linked with blockchain technology. It will try to work out the future of digital currency in India.
Summit will focus the impact of this technology on different sectors including banking, insurance and on different financial technology sectors.
A few years ago, the Reserve Bank of India issued a warning in relation to the purchase of Bitcoins. Now the Central Bank has released the updated version of the warning.
Earlier this year, the government of India was going to ban Bitcoin. As Some largest countries of the world like China, US, Japan tried to ban the technology, but due to the ever-growing interest from common folk, couldn’t implement it.
Can you hear us??
Local Bitcoin’s group wants to meet with financial technology sectors. They want to explain their point of view regarding blockchain technology. block chain’s trade process and how you can earn from bitcoin. At this point, digital assets and blockchain foundation characterize the interest of the domestic industry. local bitcoin’s group make it clear that they want to maintain the transactions, and will promote the blockchain in India as well. For that purpose, they want to create meetings. Bitcoin exchange Unocoin were also there.
“We request the committee to give us an opportunity to meet them and showcase the benefits of this technology for our country. Financial inclusion, cheaper cross-border remittance, full trace and track on the movement of value on the blockchain network, and the potential for India to become a financial hub are key benefits that can be derived using virtual currencies.”
So, a message from Local Bitcoins group has changed the wind, and positive waves are starting to flow in India. Last week, India declared that they’d soon be taking part in Bitcoin trades, while revealed a committee that will develop and report back to tech. several government departments and country’s central banks are also taking part.
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