Prime Minister Modi expresses renewed support for blockchain

India is looking into the development of blockchain, cryptocurrencies and other disruptive technologies

In an Indian Ideas Summit organised by the US-India Business Council, Prime Minister Narendra Modi expressed his support for increased technological developments, primarily in blockchain, artificial intelligence, machine learning and 5G.

The Office of the Prime Minister’s Twitter account also posted a quote regarding his sentiments:

“Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain and Internet of things: PM @narendramodi.” the tweet read.

The Prime Minister highlighted how the country’s rural internet users recently surpassed the number of urban internet users, which created an area of opportunity for tech businesses.

Aside from discussions on the country’s tech industry, Modi also invited the US to invest in various sectors within the country, such as healthcare, energy, infrastructure, civil aviation, defense, space and finance.

“The rise of India means a rise in trade opportunities with a nation that you can trust, a rise in global integration with increasing openness, a rise in your competitiveness with access to a market which offers scale. For this vision, there are few better partners than the United States of America. India and the USA are two vibrant democracies with shared values. We are natural partners.” Modi stated.

The Prime Minister of India’s call for blockchain investments comes in the midst of China’s significant steps forward in the development and implementation of projects on blockchain and its central bank digital currency (CBDC), the digital yuan.

China has collaborated with multiple high profile corporations and banks around the country to test the viability of the CBDC.

As of writing, the growth of the blockchain industry in India has been restricted to private players and certain regions like Telangana. While local firms such as the Matic Network and WazirX have successfully grown beyond their borders and captured global audiences, there was minimal government assistance and intervention throughout their journey.

India recently revoked its two-year ban on cryptocurrencies that was issued on March 4, 2020. Since then, there has been a steady rise of crypto users around the country and the industry appears to be gaining momentum.

Around the world, research and development on cryptocurrencies has risen steadily as governments and businesses have started to see it as a way to improve their standing in the midst of the coronavirus pandemic. The presence of cryptocurrencies and other related technologies allows these entities to continue functioning as usual without exposing people to the risk of physical contact or interaction