The Blockchain Foundation of India, a non-profit organization, to inculcate Blockchain technology in India, was recently launched in New Delhi , in India.

This development is particularly intriguing, given the legal ambiguity regarding Bitcoin and Blockchain in India. This is the second initiative of its kind launched in India, after Digital Assets and the Blockchain Foundation of India (DABFI), which focus more on the regulation of Bitcoin in India than on other initiatives or start-ups. Blockchain ups.

Promised Growth for Blockchain

Mohit Kalra, CEO of Coinsecure, who founded the Blockchain Foundation of India in partnership with Velix.ID and which is also part of DABFI, about the Initiative:

"In addition to being a Bitcoin exchange, Coinsecure has also made efforts to promote the Blockchain in India, and BFI is a step in that direction." The Blockchain Foundation of India already has members of the National Informatics Center (NIC), PwC, Nokia, Yes Bank and GlaxoSmithKline, and many others have also contacted us, showing interest in being part of the company. "

Mohit added that membership will not only be limited to people who are already working with Blockchain and that anyone with an interest in Blockchain and using it can to be part of the foundation. According to him, even in India, Blockchain is not considered limited to Bitcoin or crypto-currencies, and attracts members from various sectors and industries who can see Blockchain's potential to disrupt existing technology.

Commenting on the vision with which he founded BFI, Manav Singhal, also an executive member of BFI and founder of Velix.ID, said:

" Blockchain is the future of the technology itself.We have a lot of talent with Blockchain in India, what we really needed, was a platform to collaborate and encourage. at the BFI platform, we will be able to remarkably accelerate the growth of Blockchain technology in India. "

Kunal Patel, advisor of the Yes FinTech initiative of & dquo; 39 Yes Bank, to whom he asks his vision of the Blockchain Foundation of India is and why he joined the initiative, said:

"Blockchain has the power radically transform the way we currently work across many industries. We have been well documented, but we must ensure that we apply technology in the right way, and continue to educate all concerned to reap long-term rewards. I believe that BFI will help push this change in the right direction.

Govt vs. Markets

The Government of India has so far continually warned people against Bitcoin and cryptocurrency, but the cryptocurrency market has multiplied and jumped recently in the country, as the government has admitted.Most major banks in India are experimenting Blockchain, including SBI, ICICI, Axis Bank and Yes Bank As such, it is natural for many organizations to emerge in the near future – advocating the growth of Blockchain and cryptocurrency in India – finally forcing the government to define their official position on Blockchain and the legalization of cryptocurrency in India.