The head of India's government has openly supported and recommended blockchain as an opportunity for trade and investment.
During the summit (India Ideas), the prime minister described the country as a perfect place for global investors. He also added that the country has around 500 million people who have access to the internet and another 500 million people who are yet to access it. This poses an excellent opportunity for firms to delve into a bigger market and broaden their investments.
Modi says the country desires to make friendly and investor-oriented reforms to enable her economy become more open to international investors. This he said the country has been making deliberate efforts on in previous years.
Ostensibly, India looks to be on the same page as China, supporting blockchain. However, the country is still cautious about cryptocurrencies. This makes the future of cryptocurrency blurry notwithstanding India's Reserve Bank that no rules were banning financial institutions from providing crypto services to customers.
The heightened crisis presently being experienced by the country's economy has made it difficult for cryptocurrency to be fully embraced, which is the main reason why financial institutions are hesitant to accept cryptocurrencies.
Source: Cointelegraph
