The Canadian Blockchain Institute is a government-backed research institution and has recently conducted research in this area with the Indian Science and Technology Industry Association NASSCOM. Coupled with the Indian government's strong investment in digital economy development, the country provides cutting-edge technology education, and India may become a leader in the development and application of potential technological innovations in the future. However, India is not as friendly to cryptocurrencies.
The Canadian government-backed researcher plans to conduct blockchain research in conjunction with the Indian Science and Technology Industry Association NASSCOM. It is hoped that through cooperation, we will create a global center for innovative technology applications and impact analysis, bringing "higher-end technical capabilities."
Blockchain: Beyond cryptocurrencies
The partnership between Blockchain Research InsTItute (BRI) and NASSCOM aims to explore the application of blockchain technology in politics and academia. India sees blockchain subverting multiple areas of existing industries, including finance and other aspects. Such as land registration, health care, and banking.
A joint statement by BRI and NASSCOM, together with recent news reports, India is planning a "Future Skills" project to provide cutting-edge technology education for young people, clearly indicating the national positioning of the blockchain industry innovation center. Indian Prime Minister Narendra Modi announced the education platform at the World Congress on InformaTIon Technology in 2018.
At the same time, BRI's clear goal is to "build a blockchain-based economy around the world." With their help, coupled with a growing understanding of the young workforce of the blockchain, India may emerge at the top of existing and potentially disruptive technology development and applications. The Narendra Modi government even allocated about $500 million to develop the digital economy. This is twice the public spending of the industry.
CNN reports that BRI founder and executive chairman Don Tapscott said:
"We see the alliance with NASSCOM as a good opportunity to cultivate a blockchain community in India. We strongly believe that India has the potential to lead the blockchain revolution."
Although the Indian government clearly recognizes the innovation potential of the blockchain, they seem to have some hesitation in the first practical application of the technology, namely the cryptocurrency. Finance Minister Arun Jaitley recently stated in his 2018/19 budget speech:
"The government does not regard cryptocurrencies as legal coins or coins, and will take all measures to eliminate the use of these secret assets in financing illegal activities or become part of the payment system."
There are two interpretations of this statement. First, some believe that it represents the most direct hostility to the digital currency, and it is not surprising that a country that has taken the extreme and wrong measures of de-monetization. However, there are still some people who emphasize the "illegal" word used in the Jaitely statement. This can be interpreted as an increase in efforts to curb money laundering crimes supported by cryptocurrencies, but there is no guarantee that a full ban will be imposed on any form of legal use.
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