The Indian economy has been surfing raging waters for quite some time. Numerous proposals have been made by taxpayers and economists across the nation to settle the situation. The Indian government, although it has welcomed the idea of “digital India,” isn’t persuaded about the entire concept of cryptocurrency, while being careful about blockchain. The government

The Indian economy has been surfing raging waters for quite some time. Numerous proposals have been made by taxpayers and economists across the nation to settle the situation.

The Indian government, although it has welcomed the idea of “digital India,” isn’t persuaded about the entire concept of cryptocurrency, while being careful about blockchain.

The government of India had declared back in July that it would charge fine and goal time for cryptocurrency users. Subsequently, Facebook had backed out the launch of its Calibra crypto wallet in India.

Reserve Bank of India had also instructed banks not to render services to cryptocurrency companies. Koinex, a local exchange, reportedly closed due to the ambiguous regulatory climate.

The hindered growth of the Indian economy is now being considered on a global level, and many seem to recommend blockchain as one of the solutions.

In a current YouTube video uploaded by Crypto Kanoon, ‘Yanislav Malahov,’ founder of ‘Aeternity blockchain,’ said that “Blockchain and India fit well together.”

In Yanislav’s words, “Blockchain technology is the driving factor for globalization. Since democracy is deeply grounded in India, blockchain can be a solution for India’s slowed down economic growth.”

He believes that cryptography might make for a solid foundation of Indian financial laws and thinks that with the implementation of blockchain, corruption can be decreased within the country. The proof-of-work mechanism, he says, makes it just next to impracticable to hack and manipulate a system.

Nevertheless, the scene is not the same anymore as India is gradually unlocking its doors to Blockchain technology. Freshly, Indian parliament member Dr. Subramanian Swamy said that” cryptocurrency is inevitable.”

India’s Defense Minister Rajnath Singh also currently said that blockchain technology might be the next step in modern warfare. Reliance Jio’s Mukesh Ambani is also reportedly setting up one of the world’s most comprehensive Blockchain networks across India.