Wednesday, December 7, 2022

India’s Finance Ministry Praised Blockchain But With A Catch

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India’s finance ministry praised blockchain technology but there’s a catch and offered a more nuanced narrative so let’s read more today in our latest blockchain news.

Hailing blockchain as imperative, India’s Finance Ministry and the minister Nirmala Sitharaman asserted that the anonymity factor of the technology is an inherent risk and calls for taking precautions but she also accepted that private cryptocurrencies like BTC are fairly well spread in the country. The minister clarified that the Indian Government supports the use of distributed ledger technology which is known as blockchain but as its usage grows in the future and gets even more widespread but there’s a need to be wary of the anonymity factor:

“The anonymity is what … one unknown element in this whole thing. The anonymity of the person or whoever or the robot is the one which we have to be absolutely readying ourselves as … a future challenge.”

Indian Finance Minister’s statements came at a program organized to mark the jubilee celebrations of the National Securities Depository Limited where you can see a launched blockchain platform for Convent Monitoring and Debenture:

“The information stored in the system will be cryptographically signed, time-stamped, and sequentially added to the ledger. It would provide a verifiable audit trail of transactions, thus strengthening the confidence in the market as these assets will be continuously monitored with a strong and unalterable transaction audit trails.”

Indian Securities Board, bonds, blockchain, technology, minister

Sitharaman’s statement about anonymity in blockchain alludes to the fact that the central banks and governments can’t pry on transactions and it is seen as a promotion for the CBDC and the plans to introduce it in the current fiscal. Speaking before the Finance Minister and the Exchange Board of India, the chief Madhabi Puri Buch talked about the risks saying that the Indian CBDC won’t have the anonymity element. The Indian Finance Minister was talking about crypto and blockchain but she also spoke at Stanford Medicine that blockchain is full of potential but the government cannot make a rushed decision on digital assets.

She took part in a panel discussion as well where she pitched a global framework to rpevent crypto from being used for money laundering. The high taxation policy came into effect on April 1, 2022, and a general non-cooperation from the banks in the country can hurt the digital assets market in India some members cautioned the government that these moves will cause innovation in India.

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