The Canadian Blockchain Institute, a government-backed research organization, has recently partnered with NASSCOM, the Indian Science and Technology Industry Association, to explore new frontiers in blockchain technology. This collaboration comes at a time when the Indian government is making significant investments in digital economy development, emphasizing cutting-edge technology education and innovation. With its vast talent pool and growing tech ecosystem, India is well-positioned to become a global leader in the adoption and application of emerging technologies.
Despite this progress, India remains cautious about cryptocurrencies. While the country is open to the potential of blockchain in areas like finance, healthcare, land registration, and banking, it has taken a more conservative approach when it comes to digital currencies. The Finance Minister, Arun Jaitley, highlighted this stance in his 2018/19 budget speech, stating that the government does not recognize cryptocurrencies as legal tender and will take measures to prevent their use in illegal activities or as part of the payment system.
The partnership between the Canadian Blockchain Institute (BRI) and NASSCOM aims to create a global center for innovative blockchain applications and impact analysis, focusing on developing high-end technical capabilities. BRI's goal is to build a blockchain-based economy worldwide, and with India’s growing interest in the technology, especially among the younger workforce, the country could soon emerge as a key player in both existing and disruptive technological developments.
India’s "Future Skills" project, launched by Prime Minister Narendra Modi in 2018, reflects the nation's commitment to preparing its youth for the digital future. With over $500 million allocated to digital economy growth—double the industry’s public spending—India is clearly investing in its technological future.
Don Tapscott, founder and executive chairman of BRI, emphasized the importance of this partnership, saying: “We see the alliance with NASSCOM as a good opportunity to cultivate a blockchain community in India. We strongly believe that India has the potential to lead the blockchain revolution.â€
While there are concerns about the regulatory stance on cryptocurrencies, many analysts believe that the Indian government is more focused on curbing misuse rather than outright banning all forms of digital currency. As the blockchain landscape continues to evolve, India may find itself at the forefront of innovation, balancing caution with ambition.
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