In an interesting turn of events the official twitter handle for Prime Minister of India or the office of the PM tweeted the following. This doesn't mean that cryptocurrencies will be legalised anytime soon but blockchain technologies but signals the fact that the government welcomes the underlying technology.
Disruptive technologies such as Block-chain and the Internet of Things, will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces: PM @narendramodi
February 19, 2018 PMO India (@PMOIndia)
However, for distributed systems and decentralised blockchains there is no incentive for owners of participating nodes to run their servers without some kind of a monetary benefit. This is what makes cryptocurrencies powered by blockchains so interesting.
The government in recent times has conducted raids on Indian exchanges, arm-twisted banks into suspending accounts of top Indian bitcoin exchanges while it's IT department demands tax without any policy in place or regulation that clarifies exactly how much tax needs to be paid and why.
Banking industry in the country however remains bullish on the technology and in 2017 they have formed bankchain where they will share resources and work towards learning and developing their blockchain based solutions.
I'd love to see the next financial year bring a ray of hope to Indian cryptocurrency investors in the form of a investor-friendly framework around cryptocurrency trading. Currently, the government doesn't recognise them as cryptocurrencies and prefers to call them 'crypto-assets.'
India is currently adding 200K-300K new users on a monthly basis and all exchanges are under a lot of pressure owing this activity. This has certainly roused the interest of the Indian media which continues to monitor the market while the government continues its scrutiny.
Personally, I welcome this move from government and i'm glad they are recognising the importance of blockchain technologies and I hope they will work towards empowering its citizens by implementing these in government structures.
But I doubt any of this will happen soon because blockchain technology if employed in its truest form will disrupt the government mechanism by curbing corruption; reducing or stopping corrupt practices and falsification of data amongst other things. How will these politicians fill their pockets then?
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That's a really great news...
This tweet indirectly convey that JIO coin is coming
Clear cut : It's a green signal to crypto currency 😂 .. India government is in hand of Ambani .
Haha there is a master plan behind Jio ... They given data for free & now they are collecting back by increasing rates of petrol . 😂😂 Such a shame
definitely we must be ready
Quite possible 😁
Correct.
Algos love the headlines....
these people drive me nuts one moment its not allowed the next its the future we must adopt it now.
hhahah make up your minds already!!
It's a good start. Maybe people can tweet back at him that the government shouldn't ban exchanges?
Recent news : @donkeypong http://www.zeebiz.com/india/news-cabinet-approves-bill-that-seeks-to-ban-crypto-linked-ponzi-schemes-37529/amp
When the Indian Government get to know about Steemit, you would get an invite from PMO !
May be they might want to implement SMT for mygov.in discussion forum :)
good though!
It's great to see the FOMO finally dying out. A lot of media houses had recently misquoted the Finance Minister which has sparked tension amongst the Indian crypto community. However, the ministe never mentioned that he was going to ban altcoins.
Owl this is what I would call a good news though not a full blown one. His statement shows his acceptance for crypto but of course , as a government official, he doesn't work alone and wouldnt openly declear his stand on crypto and blockchain as a whole...let's keep our fingers crossed though and see how things unfold.
India is already making regulations. They are finalizing on who the regulatory body will be.
Today
psst...The market is down, all bags ready, time to drive the bull.
few months later
psst...we should ban them..warn the public.
It is a shame that Indian government does not fully support blockchain technology, but recognition of its importance is a step in right direction. I think that Indian government should support blockchain technology because it could be the easiest way of raising money in the future and the developing countries need as much investment as they can get it.
He hasn't accepted it openly yet. But I believe little grains of sand make the mighty desert. Lol
HE'LL DEFINITELY COME AROUND... ITS A MATTER OF TIME
This is a huge step from the Indian government. A prime minister is more than just a government representative. And him coming out with this statement, shows he came to a conclusion with other officials on the matter. The future is bright for blockchain technology in India if the government starts slowly accepting the cryptocurrency market in it's system. @narendramodi is right in every other way. Blockchain technology will have an impact in the way we live and work, as it has already done for those of us who are already active in it. People's standards of living have vastly improved, transactions are a lot cheaper, quicker and safer with blockchain technology. Am so pleased to here this from him.
I didn't know there is much more to what blockchain technology can do; curbing corruption, stopping corrupt practices and falsification of data.. yikes. This is medicine to all these dirty practises that have wasted people's resources in the name of theft of what rightly belongs to the people. This will identify the true leaders from the masked leaders who are using their positions for personal gains. The masked leaders are the ones holding India back from growing at all fronts. India has all the resources to be a first world country, but many of these leaders have obstructed that from coming to pass.
This is informative, it shows positivity and I believe with that crypto will reach the desired limelight
Wow! That's a huge endorsement for bitcoin. I wonder what the BTC volume from popular Indian exchanges is today. If this were to happen in a huge market like S Korea jump today would be said to have happened as a result...I wonder if there is a correlation between todays jump and the tweet
governments are seriously pondering about this....
Really the joyful tweet, when the number one person gives a green light signal, can I give this gift to the father of the prime minister?
It is spreading like wild fire. They have no choice than to take note.
This is great news, personally i appreciate this blockhain. keep it up. resteemit
Good to know that important people are getting involved in the system of blockchain.
Saludos
Woo hoo.... that's a great news. Nobody can deny the benefits of Blockchain, the technology is revolutionary. And with too much of Digital India they can't just go against it. Sooner or later they will bring the regulation.
A clear case of 'if you can't beat them, you join them'
They will give it funny adjectives like 'disruptive' , but the point is they know they will have to embrace it at some stage even fake frown on their faces.
I see more significant victories for cryptocurrency in few years to come.
It is a dawn of a new era. We will be better for it because we are here already, we are early.
I also agree with him, continue ,,,,,,,
Everything takes a very long to get into action in India. All because of the corrupt politicians.
It's a good sign that the Indian officials are publically recognising cryptocurrencies, but what I find remarkable is their identfication of crypto-assets. I was having a conversation with my brother and I was urging him to see cryptocurrencies rather as cryptocommodities. Due to the proof-of-work systems we find with most coins cryptos are far removed from the nature of currencies. They hold a lot more longevity than currencies and are definitely more precious..
It is a mere acknowledgement of advances in technology. But then, its a good signal to how the government would view the products which are based on these technology like bitcoin.
I didn't think that the Indian government is taking such a hard stance against cryptocurrencies, even going as far as to suspend the accounts of some of it's biggest traders. Fortunately, they didn't go as far as to declare a direct ban, though it's probabaly impossible in the first place. Thanks for sharing this interesting news. Have a nice day.
I so much what to be hopeful and optimistic that he won't go back on his words and see to the thriving of blockchain technology. Thanks for this uoda
“Digital empowerment can only happen if there is digital inclusion. With the advent of new technologies like AI, Blockchain and IoT, reskilling of young professionals is critical.” @firepower
great post! the blockchain technology is going to change everything and sooner than later the big companies and governments are admiting it. the advantages this technology brings to the world are countless so we will hear more news like this one very soon. Cheers!
This is quite informative. I wish this is not a strategy to give a baseless hope. But I will wish to be optimistic and hope for the better. I can't wait for blockchain technology to gain the fullest ground
Wow..
This is Great.
Bro we are on same page on what this innovation call blockchain tech will do in the new future.
Look like he understand that this is the future
If big country like India will get to blockchain that will take the crypto market 10 steps forward we will see coins prices jump up and very big technology jump
I'm really hope he will move it in India
One step ahead. it is really an improvement in their government.
something to gain and i say nothing to loss. i support the motion
will he be able to understand Bitcoin ... i guess he thinks there are only two coins Gold coin, Silver Coin.... lol
you are too cocky, my comment is never upvote
Without Bitcoin there would not be block chain, so to me eliminating Bitcoin is eliminating block chain.
Expect the unexpected ! U never know whats coming..the way jio announces the launch and now the tweet... the tide can turn anyway....governmet clisely works these biggies....
They making a regulation to take tax on it.😀
I like your post
Upvoted and resteemit done sir @firepower
They can avoid it. Politicians and everyone have to get up to date with the cryptocurrencies, it's the future. They are understanding prohibitions can't stop a descentralized system.
Sir plzz support me i m new this platform and i m standing this platform so plzz sir supporting me
Yes!!!! The last part of this post rings true but the government has already started dipping into crypto by taxing it of course. Im sure that somehow someway the government will figure out how to corrupt crypto as well! I hope and pray that it it doesnt happen though! Upvoted and resteeming!
Well it's true that if government consider accepting Cryptocurrencies then that might be become a problem for corrupted politicians but still let's see what is government choose for the future of Cryptocurrencies in India.
TBH, no one saw this coming. Even if it's just a tweet it gives crypto-investors a sigh of relief. If this continues, we might get to see a corruption free India, a cleaner India in a literal way. Thanks @firepower for the post.
Transparency is what these folks running govt hate the most. If things are transparent, then merit will take precedence and then there's nothing left for these politicians to do.
"In its truest form" would be the biggest challenge for sure.
IoT industry in a modernished India is a YUGE event and will bring loads of buying pressure to crypto
Hi @firepower, how many people in India know about the Blockchain and the Crypto currency ? I guess not much, even in Germany, where I am from, most people didnt know about that anything. What they know is that Bitcoin is an digitale Money with an huge up and down move.
Because of the huge up and down, they all afraid to use it.
Of course this technic will change our life, but the question is: Will it change for all people, the rich and the poor ? I hope that really.
Speaking about the digitale world and do really for it, are two different shoes....
Intresting turn of events haha
A step in right direction no matter how small is always better than doing nothing. Chalo Kuch nahi se toh acha hai! HopeIully, we will have these systems in place thereby reducing the corruption and all ill practices linked to it.
Though I don't expect a change overnight , soon i must say....what say maybe next decade or so?