Indian authorities haven't really approved of the blockchain based crypto scene so far for reasons best known to them. Moreover, they have even sent income tax notices to exchanges and individuals and going by the content in those letters, that's nothing short of harassment to say the least.
On top of that the Reserve Bank of India and Finance Ministry has issued warnings from time to time asking people not to indulge in the crypto business. But the technology behind crypto - the Blockchain - no one in the Indian government has talked about it. So much so that the whole discussion has shifted towards legitimacy of crypto currency and no one is looking at the brighter side.
However, in a surprising turn of events, the Chief Executive Officer of the Prime Minister's favorite Niti Aayog has recently spoken in the favor of Blockchain technology.
During the ongoing World Economic Forum Amitabh Kant, the CEO emphasized upon the need of Blockchain Technology in Better Governance.
Participated in a fascinating session on Governing Advanced Technologies: Blockchain. Highlighted how Blockchain technology can make a huge difference to pendency of cases in courts & registering property. We must create “Indiachain” -a India specific Blockchain architecture. pic.twitter.com/LOyaYqut0f
— Amitabh Kant (@amitabhk87) January 24, 2018
He also mentioned about the need of this technology to reduce the number of pending cases in Indian courts.
Blockchain technology can eliminate the 3 crore cases pending in Courts in India & wipe out the 40 Lakh cases relating to land & land disputes. Land registry on the Blockchain will reduce litigation & knock out corruption related to land.
— Amitabh Kant (@amitabhk87) January 24, 2018
This being spoken at the highest economic forums of the world from Indian Prime Minister's pet project is surely a good sign for crypto and blockchain enthusiasts in India.
Hopefully 2018 will unfold for better and we will see the Indian authorities opening up for crypto currencies as well.
