Prime Minister of India Tweets About Blockchain & IoT!
In an interesting turn of events the official twitter handle for Prime Minister of India or the office of the PM tweeted the following. This doesn't mean that cryptocurrencies will be legalised anytime soon but blockchain technologies but signals the fact that the government welcomes the underlying technology.
Disruptive technologies such as Block-chain and the Internet of Things, will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces: PM @narendramodi
PMO India (@PMOIndia) February 19, 2018
However, for distributed systems and decentralised blockchains there is no incentive for owners of participating nodes to run their servers without some kind of a monetary benefit. This is what makes cryptocurrencies powered by blockchains so interesting.
The government in recent times has conducted raids on Indian exchanges, arm-twisted banks into suspending accounts of top Indian bitcoin exchanges while it's IT department demands tax without any policy in place or regulation that clarifies exactly how much tax needs to be paid and why.
Banking industry in the country however remains bullish on the technology and in 2017 they have formed bankchain where they will share resources and work towards learning and developing their blockchain based solutions.
I'd love to see the next financial year bring a ray of hope to Indian cryptocurrency investors in the form of a investor-friendly framework around cryptocurrency trading. Currently, the government doesn't recognise them as cryptocurrencies and prefers to call them 'crypto-assets.'
India is currently adding 200K-300K new users on a monthly basis and all exchanges are under a lot of pressure owing this activity. This has certainly roused the interest of the Indian media which continues to monitor the market while the government continues its scrutiny.
Personally, I welcome this move from government and i'm glad they are recognising the importance of blockchain technologies and I hope they will work towards empowering its citizens by implementing these in government structures.
But I doubt any of this will happen soon because blockchain technology if employed in its truest form will disrupt the government mechanism by curbing corruption; reducing or stopping corrupt practices and falsification of data amongst other things. How will these politicians fill their pockets then?
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That's a really great news...
This tweet indirectly convey that JIO coin is coming
Clear cut : It's a green signal to crypto currency 😂 .. India government is in hand of Ambani .
Haha there is a master plan behind Jio ... They given data for free & now they are collecting back by increasing rates of petrol . 😂😂 Such a shame
definitely we must be ready
Quite possible 😁
Correct.
Algos love the headlines....
these people drive me nuts one moment its not allowed the next its the future we must adopt it now.
hhahah make up your minds already!!
It's a good start. Maybe people can tweet back at him that the government shouldn't ban exchanges?
Recent news : @donkeypong http://www.zeebiz.com/india/news-cabinet-approves-bill-that-seeks-to-ban-crypto-linked-ponzi-schemes-37529/amp
When the Indian Government get to know about Steemit, you would get an invite from PMO !
May be they might want to implement SMT for mygov.in discussion forum :)
good though!
It's great to see the FOMO finally dying out. A lot of media houses had recently misquoted the Finance Minister which has sparked tension amongst the Indian crypto community. However, the ministe never mentioned that he was going to ban altcoins.
Owl this is what I would call a good news though not a full blown one. His statement shows his acceptance for crypto but of course , as a government official, he doesn't work alone and wouldnt openly declear his stand on crypto and blockchain as a whole...let's keep our fingers crossed though and see how things unfold.
India is already making regulations. They are finalizing on who the regulatory body will be.
Today
psst...The market is down, all bags ready, time to drive the bull.
few months later
psst...we should ban them..warn the public.
It is a shame that Indian government does not fully support blockchain technology, but recognition of its importance is a step in right direction. I think that Indian government should support blockchain technology because it could be the easiest way of raising money in the future and the developing countries need as much investment as they can get it.