Blockchain and cryptocurrency are hot topics in India at the moment, with developers and investors pushing to open up new doors for many new adopters.

A handful of prominent Indian banks have partnered in the last year with blockchain platforms like Ripple, Hyperledger and Stellar to develop operations, such as cross-border fund transfer. Bajaj Electricals is something of a pioneer in the country, having transformed its vendor/suppler payment system through Yes Bank’s blockchain technology.

As adopters grow, the technology is also seeing a rise in entry fees, which have gone from free to around $1,000, a move that has been criticised as blockchain was expected to encourage and facilitate financial inclusion.

Events are being held across the country by companies like Blocksmiths and IBM Bluemix, bringing together a large community of enthusiasts and entrepreneurs to discuss matters like IoT, distributed ledger technology, or cybersecurity.

A Bit of bureaucracy

These efforts may be thwarted by the government’s attitude towards Bitcoin and other cryptocurrencies, which is currently debating on its legality.

Although the government in general shows signs of openness, some members of the administration have expressed discontent towards the technology.

The talks are perhaps not being helped by reports of Bitcoin fraudsters last December, jeopardising the public view.

by Henry Vilar
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: henryv@ibsintelligence.com
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