01 AUG,2022 | MEDC
There is a growing clamour from some experts to set up regulations and restricted trading for India's crypto industry. They believe that blockchain technology is needed in India's financial sector and that it can be used even in governance related issues. The combination of computer technology and human involvement is what makes blockchain unique, and in the face of an increasingly complex financial environment, applications need to be in conformity with cybersecurity considerations as well as data-privacy protocols. Blockchain and cryptocurrencies are two sides of the same coin, as the former is the technological backboneof the latter. RBI has some valid points in its distrust of cryptos, but in the long-run it may be advantageous to go along with the global consensus. The government also has its own reservationsregarding cryptos, but industry needs to convince it that the promotion and regulation of blockchain needs to be a national priority.
*Picture Credit:Google
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