Fintech industry bodies ask govt to allow blockchain ecosystem to grow organically
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Last Updated: Feb 18, 2021, 09:04 AM IST
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The government has been in favour of using blockchain as a technology but has been against cryptocurrency, which is the tokenization of the same technology.
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The industry sees the government both as an enabler and a customer for blockchain technology and expects sustained support for the development of the ecosystem in India.
NEW DELHI: The Indian government should resist creating a framework to regulate blockchain for a while, said Global Impact FinTech, a grouping for 200 fintech entrepreneurs, and the Government Blockchain Association, another lobby group.
February 4, 2021
The Ministry of Electronics and Information Technology (MEITY) has recommended the government create a National Level Blockchain Framework (NLBF) to encourage the adoption of blockchain technology across a variety of public use-cases. The ministry’s draft National Strategy on Blockchain proposes that various public projects can be brought on to a blockchain platform for digital identities, land records and official documents and healthcare, among other areas.
The report recommends that the government create a legal and regulatory framework for the adoption of blockchain technology in various public and private areas, while at the same time build capacities on blockchain research and innovation to compete with other nations. At present, there are various efforts by government bodies and the private sector to use blockchain technology. But in order to effectively scale the technology, there is a need for scaling deployments, explore various domains, emerge shared i