Cryptocurrency and Blockchain Technology are two words you probably want to avoid saying in India, especially if you’re near a bank. Not too long ago, the Reserve Bank of India essentially established a ban on any cryptocurrency engagement. Whilst the legality of this was called to question and whilst no motions have been passed, we do know that in India, the future for crypto is uncertain at best.
Today however, reports have surfaced that suggests The National Institute of Transforming India (NITI Aayog), a government think tank, has allegedly established a new national blockchain infrastructure, designed to allow the government and private companies to start developing services on the blockchain. The project, named ‘IndiaChain’ is set to restart a crypto-revolution that, since the Reserve Bank of India’s announcement has remained in a bit of a stale position.
NITI Aayog, believe that IndiaChain will be a true successor to India’s already quite incredible United Payments Interface (UPI). UPI is a system within India that allows for instant payments between domestic bank accounts in the country. According to CCN:
“India’s UPI is unlike any other major nation’s domestic payments system, in that it offers zero-cost, instant bank transfers between bank accounts and has proven to be a resounding success. Developed by the National Payments Corporation of India (NPCI), the software’s API (application programming interface) has been used by technology giants including Google and Amazon to release their own money-remittance applications that are being used by millions in the country.”
See more from CCN for yourself, here-
IndiaChain is still pending a full detailed whitepaper, but many expect it to encourage a complete DApps environment. Within this, companies and investors will be able to build applications on the blockchain and, most importantly, other companies and investors will be able to build upon the DApps made by others, fostering a communal and open-source spirit that will encourage a dramatic advance in the state of blockchain technologies in India.
Of course, many of these DApps will require cryptocurrencies to operate and thus, we might even expect to see IndiaChain act as a host for Initial Coin Offering’s. This means, we should expect the rest of the government to pursue a full definition with regards to cryptocurrency legality in the country, as, otherwise, IndiaChain risks being seen as a tool for deviance and law breaking. In essence, we believe that the work by NITI Aayog and IndiaChain, will inspire the country to make up its mind on cryptocurrencies, hopefully and finally abolishing the hasty rulings set out by the Reserve Bank of India all those months ago.