Indian Prime Minister Gives Full Backing To Blockchain Technology

Once upon a time, a lot of people in the world did not believe in the potential of the blockchain technology, but this seems to be changing even in countries like India, which had a very negative stance on cryptocurrencies recently, like when the government of the country has decided to ban banks from offering their services to companies that worked as crypto exchanges.

Just recently, the Prime Minister of India, Narendra Modi, has spoken out in favor of supporting the distributed ledger technology, also known as DLT or simply the blockchain, as the tech had the potential to change lives.

The announcement was made publicly on Twitter. On the tweet, he has affirmed that machine learning, Internet of Things, big data and artificial intelligence will prove to be, alongside with the blockchain, a way to help India to move forward and to improve the lives of people. The tweet is in Indian, so translation was originally provided by Crypto-News India.

According to the Prime Minister, India is not only looking at this change for an industrial perspective and that it can also lead to social change, as technology is only a tool and the ultimate goal is actually to change the lives of people “waiting in the queue”.

However, this hopeful speech is a strong contrast to the crypto ban which has been in the country for months and the difficulties that the government is having to create a blockchain legislation. Information from a research made by Incrypt, for instance, revealed that 80% of the developers could be forced out of the country for the lack of regulatory frameworks in India.

This could turn into a major issue for the country as it would need to look for experts outside of the country and it would be harder to implement these solutions if the people responsible for making the technology were to leave the country due to lacking the framework for working with the technology in an appropriate manner.

In fact, the situation is very difficult, as there were many crypto scams in India since long before the ban so, as many underdeveloped countries, India faces troubles to regulate a largely unregulated market to protects its citizens from bad actors which use their “freedom” to rob people. Crypto bans, however, do not seem to be a decision that is helping a lot right now.

Prime Minister Is On Favor of the Blockchain Technology For Some Time Now

The Prime Minister of India has first spoken positively about the blockchain technology back in February, when he affirmed that it would have a profound impact in how people work and live. He has already talked about how it could streamline the agricultural industry and to monitor supply chains in India.

One of the main advantages, he believes, is that India will be able to use the technology to bring more transparency to the real-time monitoring of buying and selling produce in the country, something that major retail and supermarket companies are also doing. He is mainly focused in how the technology will be able to help farmers, though.

The Prime Minister has also affirmed that the government has the responsibility of helping a new generation of farmers, so the utilization of this new technology in the coming days can be very important for the development of the country.