NPCI's Strategic Move: Exploring Blockchain Beyond Cryptocurrency in India

The Indian situation tools cryptocurrency has been quite skeptical from the start.

It is very noticeable from the decisions as well as the things that the Indian government as well as authorities have been doing in this particular sector or the regard of this particular industry as a whole in the country as well as all of the industries which are trying to get in themselves involved and get themselves started in the same or facing and not that much been held as well authorities in the same manner that they could have done if they had a very positive approach and inclusive approach towards currency related things in the market.

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Right from the start the central bank of the country was very against the adoption of cryptocurrencies in the country which has led to the not adoption of these digital assets in the country as something that was very popular and something that was believed by a lot of people. It was posed that something that had quite a lot of negative started and anything positive which was something that got imbibed within the consumers of the country and the image of something like cryptocurrency is a scam or nothing was imprinted on the mindset of a lot of people which was the major reason why cryptocurrency adoption was very slow initially in India.

But as time passed India emerged to be one of the biggest markets of cryptocurrency in the entire world and by the number user base India ranks very high in the entire world which is surprising and very motivating at the same time because the Indian authorities and not giving much of hell towards these industries and also implementing heavy taxation norms which is also putting away a lot of business is as well as consumers at the same time away from the market and this particular sector of cryptocurrencies.

Even at present the Indian Government and the authorities give mixed signals about their particular stance on cryptocurrency as sometimes they do show that they have support for the industry and will be coming up with decisions that are going to make the process within the sector in India a lot easier and very much fruitful which is going to be a productive environment for all of the companies are involved in it as well as the consumers are also going to have enormous benefits, whereas they also keep on taking such decisions which do portray a different image which is that they are not that much keen on getting cryptocurrencies as an industry in the country's economy.

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In the middle of all of this confusion, the businesses are still trying to keep themselves afloat as well and the traders are also looking for one way or another to keep themselves involved within the cryptocurrency sector, and for that, they're using a lot of services which are also something that is not been allowed to be operated in the country as a lot of foreign exchange for the band from operating in the country and the existing one do happen to have a lot of restriction that's why which is something that is a very commendable job from the traders of the country as the as still looking for waves despite all of these aspects that they are needed to be getting through to be involved with the crypto sector.

Keeping everything aside the particular stunts of the government about cryptocurrency as well as the way the thing or the particular plans that they're having that they're going to implement about the sector in the future, certain things are happening on the sidelines regardless of whatever is happening or the particular mindset about the sector is from the side of the authorities. The Indian government has always been very interested in the underlying technology that these cryptocurrencies are working upon which is blockchain technology and that is something that they are always willing to implement in one way or the other because of which they have also implemented a lot of research activities around these particular Technologies.

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Recently there has been a collaboration within the National Payments Corporation of India with the Indian Institute of Science, Bangalore. This partnership has been done to conduct research around technology that involved blockchain as well as Artificial Intelligence and all of this is been done by the government itself as NPCI is a government body that is governed by RBI itself. Both of these parties are looking towards getting themselves more involved in these blocks in platforms and are going to be performing a lot of activities that can be implemented in real life within the country as well which is something that the Indian government is also very interested in.

This is something that is not new as the NCPI also was involved in a similar activity a new project that they had developed in the year 2020 which involved a blockchain-based system for automating payment and clearing the settlement processes for their products along with that they were also involved in preparing a lab which was having the sole purpose of developing blockchain Technology and working around that to be making sure that the development in this particular phase is going to be very efficient and very productive at the same time among this emerging technology is which involved blockchain as well.

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There is a very big sense of confusion regarding the mindset about cryptocurrency from the side of the Indian authorities as their a lot of mixed signals at the same time because there are a lot of partnerships that are being made to study blockchain Technology as well as developing the particular thing as well which is also coming under the research purposes making it something that the government is valuing quite a lot as well.

It will be very interesting to see how things are going to be looking after a couple of years in India regarding cryptocurrencies and how this sector is going to be looking which is going to have a lot of impact from these cannot decisions that we are seeing right now and especially how the mindset of the Indian government is going to be looking like a few months which is all going to be very influential in the way we are going to look at the market here in India.

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