India has officially announced an endorsement for blockchain technology, stating that it is looking to create national regulation with the aim of promoting the growth and usage of blockchain technology. Called the National Level Blockchain Framework, it will specifically go into details of ways blockchain technology can be exploited in several different sectors.
In an official publication from the Ministry of Electronics and Information Technology (MeitY), Minister Shri Sanjay Dhotre says that the ministry has seen that the technology can easily be used in many different sectors.
“(The MeitY) has identified Blockchain Technology as one of the important research areas having application potential in different domains such as Governance, Banking & Finance, Cyber Security and so on.”
This follows the endorsement of blockchain technology by other countries such as China, as President Xi JInping recently announced China’s own endorsement for blockchain. In addition, Thailand has also revealed that it is looking to make changes to its current royal decree on cryptocurrency and blockchain, to ensure that the framework properly supports growth and development in the sector.
Dhotre also said in the publication:
“Considering the potential of Blockchain Technology and the need for shared infrastructure for different use cases, an approach paper on National Level Blockchain Framework is being prepared, for scaling up and wider deployment of Blockchain based use cases.”
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