The Indian government has not been very supportive of the blockchain & cryptocurrency industry in terms of legislative policy, in fact, a complete ban on the cryptocurrency trading & cryptocurrency related business is in effect until the supreme court delivers a final verdict. Despite the aforementioned developments, the central government has not denied the possibility of implementing Blockchain technology to solve some of the concurrent problems.
There are constant efforts being made to understand the applications & implications of Blockchain in socio-economic environment of India by individual & institutions. The Internet & Mobile Association of India (IAMAI) has formed a blockchain committee to engage with government, help startups & exploring solutions provided by blockchain industry.
This step is being taken keeping in mind the scope of blockchain for the purpose of job creation & pushing for a digital economy. The committee will be led by the digital chief of Mahindra Finance – Tina Singh. She mentioned to The Economic Times ” Blockchain is undeniably the technology of the future, slated to bring decentralization and trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities and corporates.”
The committee comprises of top management from the India tech & finance industry like Mastercard, IBM, Microsoft & HDFC bank. The biggest cryptocurrency exchange in India ‘Zebpay’ will also have representation in the form of Sandeep Goenka – the founder of Zebpay.
The initiative of forming a committee purely focussed on blockchain technology by the IAMAI provides a hope for blockchain enthusiasts in the country who wish to explore education, employment & startups with the Blockchain technology at their heart.