India Could Dominate The World Of Blockchain (Source: YahooNews)

India Could Dominate The World Of Blockchain (Source: YahooNews)

India is now investing in a domestic blockchain ecosystem, including academic training programs, initiatives at the Indian Central Bank and public support for startup accelerators. “From the government’s perspective, there’s a huge push for a startup ecosystem,” NT Arunkumar, CEO of Fintech Valley in the Indian state of Andhra Pradesh, told the International Business Times. ”There’s a concentrated effort to make a fintech valley in Andhra Pradesh.”

Last year, India started a nationwide push to make digital banking more accessible and encourage unbanked citizens to join Indian financial institutions. It started with demonetization, which made most of the old rupee notes worthless and forced citizens to trade them for new currency at official banks. Quartz reported the push created 9.1 million new taxpayers, reducing India’s stockpile of unaccounted wealth. Now the government is experimenting with blockchain technology as it looks to streamline expansive financial infrastructure.

“With blockchain, how does this open up financial inclusion to so many citizens that are unbanked?” Arunkumar asked. “We want to accelerate financial inclusion. We can’t do that unless we are all working on one platform.”

There are now dozens of new blockchain firms sprouting up across India. Mumbai hosted India’s first international blockchain hackathon in May and there already are plans to host a bigger fintech event in October, a Blockchain Summit sponsored by the government of Andhra Pradesh. “This is initiated by the government, but we want private sector participation,” Arunkumar said. So authorities are working with Visa to make Visakhapatnam, the financial capital of Andhra Pradesh, into the region’s first “less cash” city.

Meanwhile, Chief Minister Nara Chandrababu Naidu tweeted in February that Yes Bank, one of the first Indian banks to implement blockchain technology, is keen on setting up a fintech park in the new state capital Amaravati. Indian fintech influencers aren’t the only companies eyeing the prospects.

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“One lakh new IT jobs for the youth will be created in the state within a couple of years. Five lakh jobs would also be created in the electronics, manufacturing sectors etc. “

Shri Nara Lokesh
Minister , Information Technology