Friday, February 3, 2023

Indian Prime Minister Modi: Blockchain Will Have Profound Impact on Lives

Indian Prime Minister Modi: Blockchain Will Have Profound Impact on Lives

Indian Prime Minister Narendra Modi, speaking via a video conference after unveiling the 22nd edition of the World Congress on Information Technology (WCIT), said blockchain and Internet of Things (IoT) will transform society and are necessary to adopt.

Also read: Reminder: Bitcoin Was Meant to Destroy Wall Street, Not Join It

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Modi Reiterates Finance Minister’s Stance on Blockchain

This year’s WCIT event was an illustrious affair. And Indian Prime Minister Narendra Modi made waves early on at the congress by notably speaking warmly on blockchain technology.

He said:

“Disruptive technologies such as blockchain and the IoT will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces […] Technology, if used well for public good, can deliver lasting prosperity to mankind and a sustainable future for our planet.”

The statement was in line with the stance of Indian Finance Minister Arun Jaitley, who recently stated the Indian government will explore distributed ledger technology but will strive to annihilate illegal cryptocurrency activities.

“The Government will take all measures to eliminate the use of crypto-assets in financing illegitimate activities,” Jaitley said at the time. “The Government will also explore the use of blockchain technology for ushering in a digital economy.”

Indeed, the Indian government’s stance on cryptocurrencies has been firm as of late. Specifically, Indian officials have deemed cryptocurrencies as not being legal tender, whereas blockchain has received praise — a general motif in some contemporary regulatory circles.

However, PM Modi’s comment on blockchain may lessen the FUD (“Fear, uncertainty, doubt”) that’s potently spread through the Indian crypto market in recent weeks.

New Blockchain Academy in Kerala

Moreover, the Indian state of Kerala is set to soon have its own blockchain academy.

The Indian Institute of Information Technology and Management-Kerala (IIITM-K) is moving to institute the country’s first blockchain academy: the Kerala Blockchain Academy.

Kerala: beaches and blockchain.

The project is a collaborative initiative of IITM-K and global Blockchain Education Network (BEN). Bitsonline will keep you updated on the progress of the academy as it’s further developed.

Is PM Modi’s statement good for Indian blockchain startup projects? Let us know your opinion in the comments section below. 

Images via The Shillong Times,

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