No one would call the life of the cryptocurrency business in India easy. First, they had to deal with a ban from the country’s Reserve Bank, and then they were hit by the COVID-19 pandemic. However, Indian exchanges manage to withstand everything. Especially after the ban was lifted by the Supreme Court.
The Reserve Bank of India recently announced cryptocurrency is not banned in the country but advised citizens not to rely on it. At the same time, the country seems to be much more friendly towards blockchain, launching a hub in Bengaluru.
The ministry of electronics and IT (MeitY) in India revealed on November 27, 2019, that the government is formulating an approach document regarding a National Level Blockchain Framework that tackles the advantage of the groundbreaking blockchain and distributed ledger technology (DLT) plus the urgent need for a collective facility for various applications.
Walmart is collaborating with IBM’s Food Trust initiative to improve the supply of delicious seafood shrimp from India. Walmart also promised to help small seafood exporters to attain Best Aquaculture Practices (BAP) certification to improve product competitiveness on the global market.
The Indian government is planning to develop effective contracts using innovative technologies including blockchain. Agreement implementation is a main engine of an economy where all financial dealings such as transactions, are principally agreements among the participants, such as companies, governments, organizations, etc.
The Indian Inter-Ministerial Committee (IMC) was created to evaluate the potential of bitcoin and other cryptocurrencies so it can work productively. IMC admits the competencies of blockchain technologies but went ahead to recommend a blanket ban on all individual digital currencies existing in the country including Bitcoin, the world’s oldest altcoin.