While speaking at Indian Science Congress Prime Minister Narendra Modi remarked about the importance of blockchain for various Indian sectors. This is 4th time when he has spoken on blockchain.
The tryst of Prime Minister Narendra Modi with blockchain continues in 2019 too. Last year he had spoken about the importance of blockchain technology for India at various events, and now within the first week of the new year he has spoken on the matter once again. Will this be the beginning of a new order for blockchain startups of the country?
The PM was speaking at Indian Science Congress when he mentioned the term blockchain among various other technical terms that are important to any modern economy. He said:
“Bringing big data, AI and blockchain to solve India’s biggest challenges – healthcare, agriculture and developmental needs can only be done by our scientists and engineers.”
The last time when PM talked about Blockchain was back in October. At that time too he had mentioned the term along with other technologies and had said that these technologies have the potential needed to take the lives of every Indian to new highs. Before that in the month of May he had remarked about the role that blockchain can play in farm sector while speaking at the convocation ceremony of Sher-e-Kashmir University of Agricultural Sciences and Technology (SKUAST). And he had also spoken about the positive prospects of Blockchain at NASSCOM Summit in Hyderabad on 19th of February. So he has iterated his government’s positive approach towards blockchain about 4 times.
However, at the same time it’s not an easy affair to register a blockchain company in India. Many of the startups entering this space register themselves as internet or software companies to avoid unnecessary scrutiny from authorities, and his government has still not been coming out with regulation for cryptocurrencies, which are an important part of the blockchain infrastructure. While the government itself has implemented blockchain technology in a couple of areas, it has been done with help of overseas companies as not many blockchain startups have flourished in India due to unnecessarily strict regulations. In fact, many of the blockchain or crypto startups running here are now shifting their bases to other countries for easier operations. Let’s see whether government walks the talk anytime soon or not!