The demonetization that was introduced to hit rich tax evaders actually hit the average Indians; with the Indians photographed in line for hours at banks or ATMs. In fact, the decrease in GDP growth in recent quarters has found its root in the cash crisis that emerged from the demonetization policy. Though politics might have been for the mediocre Indians, Puny, however, were brilliant points for the proponents of a moneyless economy. The World Economic Forum reported that the number of digital transactions in India has improved following the demonetization policy. However, there are several challenges facing the propagation of a moneyless economy. According to media reports, Indian consumers are returning to cash-based transactions due to reconciliation and high digital transaction fees. For example, a merchant costs in between 
4000 & 8,000 to create a card swip terminal in India. If the Indian government wants to increase its economy without money, Blockchain can be his ally in this effort.
Alas! The current debate in India has, unfortunately, focused too much on trading and speculation, considering cryptocurrencies as an investment tool, rather than recognizing the potential of Blockchain technology. Only 0.5% of people in India are in Bitcoin, the cryptocurrency that has popularized Blockchain technology. The Indian government has legitimate concerns about money laundering, tax evasion and capital flight using cryptocurrencies. In the 2018 budget plan, Finance Minister ArunJaitley said that cryptocurrency is regarded as an illegal offer. The RBI also warned of potential financial, legal, customer protection and security risks in cryptocurrency. Well, in their position they are also right, but there are many countries that have taken nuanced steps in the regulation of technology and are focusing on the stopping of illegal activity without blatant innovation.
Resolving Indian concerns in India
Despite the meteorological acceleration of Fintechservices in India, financial inclusion remains a serious problem mainly due to identification processes. According to the ASSOCHAM-EY report, 19 percent of the Indian population continues to be without a bust. Based on the cashless technologies employed today, most people would need a bank account to live in a cashless economy. Blockchain solves these challenges by creating digital identities for the unbanked.
Blockchain has the potential to make processes more democratic, secure, transparent and efficient. The immutability of a Blockchain makes it almost impossible to make changes once established, which increases trust in data integrity and reduces opportunities for fraud. By streamlining cross-border payments, while the traditional process takes up to three working days to transfer funds across borders, Blockchain accelerates the same process in 20 seconds, thanks to its decentralized appearance. Not only the economy, but also Blockchain is now the fastest growing skill set required at job sites, with job growth rates of 2000-6,000% and Blockchain developers wages of 50-100% higher than normal developer jobs. However, leading institutes in India still have to take Blockchain courses which have caused a huge shortage of people in Blockchain in India.
Blockchain offers wonderful opportunities for India through jobs, capital, solutions to the problems of India and global strategic positioning. Looking at the positive aspects of Blockchain technology, the government must take the big step in the industry and generate an environment that promotes innovation in this particular sector.
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