Indian Government to learn Blockchain

[Yugocean]

There was speculation on the suggestion of the Reserve Bank of India that the government is considering bringing its own cryptocurrency; on this, written questions were also held in the upper house of the Parliament of India.

A questioned was asked to the Government of India on the information about cryptocurrency and its use. In response to this question, the Government clarified that the Government of India has no knowledge about this, and the government will explore the use of blockchain technology to enter the digital economy.

It seems that the government is trying to understand the digital economy first. However, neither this technique has any government job nor the government job is based on merit. So for this too, the government will have to take help from private sector and not ban it.

 

[greatguy1]

There was speculation on the suggestion of the Reserve Bank of India that the government is considering bringing its own cryptocurrency; on this, written questions were also held in the upper house of the Parliament of India.

A questioned was asked to the Government of India on the information about cryptocurrency and its use. In response to this question, the Government clarified that the Government of India has no knowledge about this, and the government will explore the use of blockchain technology to enter the digital economy.

It seems that the government is trying to understand the digital economy first. However, neither this technique has any government job nor the government job is based on merit. So for this too, the government will have to take help from private sector and not ban it.

banning cryptocurrency in this present age is a foolhardy venture. No serious government of the World should ban cryptocurrencies right now but instead learn how it operates and possibly roll out their own cryptocurrency to counterbalance the effect of the big ones like bitcoin and ethereum. If any serious government had taken cryptocurrency serious when the first one came out in 2008 they would have been ahead of other nations but at first they thought it was a scam and now they are adjusting to it.

 

[Lekhraj19]

I have heard previously a lot that trading of foreign cryptocurrencies is not valid in India completely, but later on when I searched on Wikipedia regarding it I got to know that we can trade here too. But, again creating a own cryptocurrency in India is of very less chance for at least a few years, I guess. Because, the problem with India is most people the government sector aren't able to change their mindset with this generation. They just think that feeding up their family with what they get is enough for them, they don't try to know about how the country's economy can lead to heights with their small deeds.

But, thanks @Yugocean for sharing this information as there is some sort of discussion going on in Parliament on this matter.