India’s Think Tank NITI Aayog has released its national blockchain policy draft to explain various reasons for adopting blockchain technologies in the country.
The entity was created to achieve sustainable development through fostering the government’s role in economic policy-making.
The strategy targets stakeholders like government, business leaders and citizens to demystify the blockchain concepts.
The first part of the strategy mainly focuses on basic concepts, trust systems and blockchain adoption.
Meanwhile, the second part will be released in the coming weeks to mainly cover various recommendations for the use of blockchain in India.
Aayog stated that the generic characteristics of distributed ledger may reflect a paradigm shift in India’s political economy.
“Government should pay special attention to the decentralized network where peer-to-peer transactions can create more socio-economic value. If state entity is there just to ledger maintenance and not adding some value then we can relook the role of government.”
According to India’s think tank NITI Aayog, there could be a DLT-powered system for property transactions that would make record keeping unnecessary for public entities.
The Reserve Bank of India (RBI) earlier announced that it has not barred cryptocurrencies including Bitcoin in the country but warned against the risks of trading such currencies amid lack of regulations.
The news will relieve investors who are worried about their crypto investments.
It was earlier reported that the RBI had ordered local banks not to deal with individuals and companies involved in the crypto business.
The RBI has made this clarification in response to the Indian court’s affidavit which was released on September 4.
“Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs,” the affidavit read.
The central bank recommended the enactment of regulations to manage and track crypto business in the country.