The Prime Minister of India, Narendra Modi, has backed blockchain technology as an ‘opportunity in frontier technology’ reviving the desires of the crypto community for the country to be warming up for virtual assets. Like many other countries worldwide, India has seen a surge in the use of crypto assets. However, the conditions are not favorable for cryptocurrencies to thrive; the government is not supportive of crypto.
The Indian Prime Minister ‘s latest sentiments while speaking at the India Idea Summit, which was hosted by the U.S Indian business council on July 24, touched on five different technologies, including blockchain technology. The PM classified Big Data Analytics, 5 G, Quantum Computing, Internet of Things ( IoT), and Blockchain technology as frontier technologies.
Indian Prime Minister urges investors to take advantage of COVID-19
Outwardly, the Indian PM has smudged on an investment opportunity for emerging technologies and is encouraging entrepreneurs, especially from the US, to invest in them. The COVID-19 crisis has badly impacted the economy of India. In particular, the Indian Prime Minister aims to rejuvenate the economy through foreign investment collaborations from developed and promising countries, notably the United States.
The PM urged investors to take advantage of coronavirus damage in India and deploy tech-related investments that will benefit the people of India and the investors. Moreover, the Indian Prime Minister implied a long-term partnership that could flourish even post COVID-19.He noted that:
“American investors often lookout for the perfect timing to enter a sector or a country. To them, I would like to say — there has never been a better time to invest in India.”
Regulatory uncertainty still looms in the Indian cryptocurrency industry
While the future of cryptocurrencies is indistinct, the country is very supportive when it comes to blockchain technology. Skepticism about crypto is very high in India. Even after the Reserve Bank of India removed the crypto banking ban, some Indian banks are still reluctant to offer their services to crypto-related entities.
In spite of that, the sentiments of the Indian Prime Minister have instilled faith in the cryptocurrencies community, obtaining full green light to operate in the country.