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February 18, 2021
Two industry groups representing the domestic Blockchain industry said that the government’s intention to create a national framework for the technology may have the opposite effects, in terms of encouraging innovation and decentralisation. In its response to the National Strategy for Blockchain, published by the Ministry of Electronics and Information Technology a few weeks ago, the Government Blockchain Association and Global Impact Fintech Foundation said government participation may be too early.
In its report, MEITY recommended that the government create a National Level Blockchain Framework (NLBF) to encourage the adoption of blockchain technology across a variety of public use-cases, and that various public projects should be brought on to a blockchain platform. It also said that the create a legal and regulatory framework for the adoption of blockchain technology in various public and private areas. However, a national policy and national agency for bloc