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India and Bitcoin: uncomfortable bed partners?Finance magnates
The enthusiasm expressed by the Indian government as it encourages the continuous experimentation of blockchain technology is in stark contrast to its sentiment on the use of cryptocurrency.
One of the main reasons is because the service sector in India is the main driver of the country's economic growth – it attracts the highest direct foreign investment, contributes 55.65% of the country's gross value added and employs 28.6% of the its total population.
We must also mention the adoption of blockchain in the services sectors of India such as banking, financial services, retail, supply chain and insurance: these can potentially add an additional $ 5 billion to the Indian economy.
Eleven01 which has helped aspiring start-ups and blockchain projects and whose collaboration with Tech Mahindra has developed the first ever Indian blockchain protocol, is bringing its ecosystem to life in efforts to promote the adoption of the Indian blockchain.
The Eleven01 team believes in its ability to bring India into the forefront of the blockchain revolution. Through their ecosystem, the adoption of blockchain in India has the ability to skyrocket, while allowing other innovators to tap into the sixth largest economy in the world.
Rama Iyer, CEO Eleven01YouTube.com
I spoke with Rama Iyer, President & amp; Eleven01's Chief Product Officer on this anomalous situation
Why do you think the Indian government prefers the blockchain to cryptography?
"Blockchain is a technology like AI, ML, Data Analytics, etc. It has some features, features and value that leads to end customers like any other new technology.From this point of view, it is not something to be favored by the government, but more to be adapted to his department and his case of use, based on merit.This is something that the Indian government is already doing.They are examining – cadastre, judicial documents, e-stamping, transport, DBT (direct transfer of benefits) and many others, so there is no way around it with regards to blockchain technology and its adoption is worried ".
Iyer explained that cryptography, on the other hand, is still in its infancy and beyond, outside the scope of any regulatory or supervisory body. He explained that it is definitely interesting from a point of view to be able to increase capital faster through tokens than old-fashioned equity, but many scam projects have unfortunately given the cryptic a bad name. The Indian government. like any other government of the great economy. he is taking a very practical and pragmatic view on cryptography and is trying to figure out how to create a regulation around it before it can allow business to be accepted using cryptography.
"I'm positive and I think it's a matter of time, the Indian government and the other rulers will see the value of this instrument and join the bandwagon".
What do you think discourages the Indian government from the legalization of cryptocurrencies?
"We must understand that India is a very large economy and the second largest country by population in the world It is difficult for a country of this size to make an instinctive reaction. before allowing any new policy, structure and financial instrument, and quite rightly so, in this case, cryptocurrency has the added color of value shop, trading and various ways in which people use it to recycle money and for other illegal activities This is certainly a challenge for any government of any country ".
Iyer commented that the Indian government. obviously he does not want money launderers or other illegal actors to use cryptocurrency for their nefarious activities. The Indian government. is currently studying various other mature governments and the way they deal with cryptocurrencies, which in my opinion is a very positive sign. So, in my opinion, there is no deterrent deterrent, but a prudent approach to ensure that there is enough regulation before the cryptocurrency can be admitted as a legal instrument.
How is the blockchain already flourishing in India and where do you see it flourish even more in India?
"We are still at the start of the blockchain in India, but we are seeing a great deal of interest and the work of PoC that is already underway in both government departments and the private sector, which bodes well for the sector. also seen as a green pasture for engineers and students on which to build their careers, which means that there are more resources that will come online to be able to build a lot of applications and solutions on blockchain platforms like Eleven01. India seems well positioned as a market for the blockchain to thrive ".
Do you believe that India can become the global center for blockchain innovation and why?
"I firmly believe that India can and will become a global hub for innovation blockchain: in fact, at the International Business Congress, which was the biggest blockchain event in Asia, the Telangana Government announced its intention to build a "Blockchain District" that will be one of the biggest blockchain ecosystems in the world, the state announced in partnership with Tech Mahindra, a turnover of 5 billion dollars for the Indian engineering and services company and Eleven01, which is the first and biggest protocol of blockchain coming from India ".
Iyer added that India produces a large number of engineers each year and the government encourages and invests in incubators across the country.& nbsp; These two factors resonate well and are a good combination to allow students to learn new emerging technologies such as blockchain.
What problems did the blockchain solve in India and what further problems do you think it could solve and how? (eg corruption, security)
"As I said, India is examining a series of use cases to be taken between the various government departments in various ways and means." Many of the cases are to create transparency and trust, whether they are connected to government tenders, create a level playing field or remove corruption from various opaque systems and bring them into the blockchain area.There is also a lot of interest and acuity in learning about the adoption of blockchain in other governments around the world and explore the areas to be followed first.There are also a multitude of Proof-Of-Concept projects that are happening through governmental equipment and some of them will soon enter mainstream production systems ", Concluded Iyer.
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India and Bitcoin: uncomfortable bed partners?Finance magnates
The enthusiasm expressed by the Indian government as it encourages the continuous experimentation of blockchain technology is in stark contrast to its sentiment on the use of cryptocurrency.
One of the main reasons is because the service sector in India is the main driver of the country's economic growth – it attracts the highest direct foreign investment, contributes 55.65% of the country's gross value added and employs 28.6% of the its total population.
We must also mention the adoption of blockchain in the services sectors of India such as banking, financial services, retail, supply chain and insurance: these can potentially add an additional $ 5 billion to the Indian economy.
Eleven01, which has helped aspiring startups and blockchain projects and whose partnership with Tech Mahindra, has developed the first ever Indian blockchain protocol, is bringing its ecosystem to life in efforts to promote the adoption of the Indian blockchain.
The Eleven01 team believes in its ability to bring India into the forefront of the blockchain revolution. Through their ecosystem, the adoption of blockchain in India has the ability to skyrocket, while allowing other innovators to tap into the sixth largest economy in the world.
Rama Iyer, CEO Eleven01YouTube.com
I spoke with Rama Iyer, Eleven01 President and Chief Product Officer about this unusual situation
Why do you think the Indian government prefers the blockchain to cryptography?
"Blockchain is a technology like AI, ML, Data Analytics, etc. It has some features, features and value that leads to end customers like any other new technology.From this point of view, it is not something to be favored by the government, but more to be adapted to his department and his case of use, based on merit.This is something that the Indian government is already doing.They are examining – cadastre, judicial documents, e-stamping, transport, DBT (direct transfer of benefits) and many others, so there is no way around it with regards to blockchain technology and its adoption is worried ".
Iyer explained that cryptography, on the other hand, is still in its infancy and beyond, outside the scope of any regulatory or supervisory body. He explained that it is definitely interesting from a point of view to be able to increase capital faster through tokens than old-fashioned equity, but many scam projects have unfortunately given the cryptic a bad name. The Indian government. like any other government of the great economy. he is taking a very practical and pragmatic view on cryptography and is trying to figure out how to create a regulation around it before it can allow business to be accepted using cryptography.
"I'm positive and I think it's a matter of time, the Indian government and the other rulers will see the value of this instrument and join the bandwagon".
What do you think discourages the Indian government from the legalization of cryptocurrencies?
"We must understand that India is a very large economy and the second largest country by population in the world It is difficult for a country of this size to make an instinctive reaction. before it allows any new policy, framework and financial instrument and rightly.In this case, cryptocurrency has the added color of value shop, trading and various ways in which people use it to launder money and other illegal activities. a challenge for any government in any country ".
Iyer commented that the Indian government. obviously he does not want money launderers or other illegal actors to use cryptocurrency for their nefarious activities. The Indian government. is currently studying various other mature governments and the way they deal with cryptocurrencies, which in my opinion is a very positive sign. So, in my opinion, there is no deterrent deterrent, but a prudent approach to ensure that there is enough regulation before the cryptocurrency can be admitted as a legal instrument.
How is the blockchain already flourishing in India and where do you see it flourish even more in India?
"We are still at the start of the blockchain in India, but we are seeing a lot of interest and the work of the PoC which is already on the move in both government departments and the private sector, which bodes well for the sector. also seen as a green pasture for engineers and students on which to build their careers, which means that there are more resources that will come online to be able to build a lot of applications and solutions on blockchain platforms like Eleven01. India seems well positioned as a market for blockchain to thrive ".
Do you believe that India can become the global center for blockchain innovation and why?
"I firmly believe that India can and will become a global hub for innovation blockchain: in fact, at the International Business Congress, which was the biggest blockchain event in Asia, the Telangana Government announced its intention to build a "Blockchain District" that will be one of the biggest blockchain ecosystems in the world, the state announced in partnership with Tech Mahindra, a turnover of 5 billion dollars for the Indian engineering and services company and Eleven01, which is the first and biggest protocol of blockchain coming from India ".
Iyer added that India produces a large number of engineers each year and the government encourages and invests in incubators across the country. These two factors resonate well and are a good blend to enable students to learn new emerging technologies such as blockchain.
What problems did the blockchain solve in India and what further problems do you think it could solve and how? (eg corruption, security)
"As I mentioned earlier, India is examining a series of use cases to be taken between the various government departments in various ways and means: many of the cases are creating transparency and trust, whether we tracts of government tenders, either to create a level playing field or to remove corruption from various opaque systems and bring it into the field of blockchain. There is also a lot of interest and acuity in learning the adoption of blockchain in other governments around the world and exploring the areas to be followed first of the Proof-Of-Concept projects that are happening through government apparatuses and some of them will soon enter mainstream production systems, "Iyer concluded.
