India’s National Association Software and Services Companies (NASSCOM) released a comprehensive report before a panel detailing the present scenario in India’s blockchain and more specifically, the cryptocurrency space.
At the recent NASSCOM Technology and Leadership Forum 2019 in Mumbai, Vice President of NASSCOM, Sangeeta Gupta and Akshay Khanna, presented the report ‘Blockchain: Hype to Hope,’ which elaborated on the current state of the blockchain market as well as emphasized the opportunities present across both India and globally.
This report stated,
“India needs to act fast -amp; work with key stakeholders to provide regulatory certainty around Blockchain -amp; Cryptocurrencies”
The NASSCOM-Avasant report stated that few sizable home-grown crypto exchanges suffered after the RBI directive to disable trading.
NASSCOM President, Debjani Ghosh, stated that the expenditure in the technology space had been the highest in the past five years. However, stats revealed that the funds deployed into the blockchain sector have not been utilized to drive growth due to the lack of legal clarity. The NASSCOM Report stated,
“Despite VC investments pouring in blockchain, India had less than 0.2% of global investments due to uncertain policy -amp; regulatory environment”
The report further provided insight into the Indian states that have forayed into blockchain by developing new projects. The governments of these states have taken an initiative to provide a ‘conducive framework’ to bolster growth and investment for the firms.
The findings of the report also observed that the BFSI [banking, financial services and industrial] sector identified the use cases and initiated experimenting in the blockchain space. Healthcare, retail and logistics sectors also witnessed a soar in adoption.
Many countries employ existing trade regulations for blockchain and 7 countries developed exclusive Blockchain/DLT-specific regulation, while Japan recognizes crypto assets including Bitcoin [BTC] registered under the Japanese Financial Services Agency, as legal tender.
Paving the way for active adoption with legal clarity is what the country’s investors and the stakeholders anticipate in order to steer India’s blockchain startup industry forward. Swapnil Bhatnagar, Avasant’s Research Director and lead author of the report, stated,
“Blockchain projects now go through stringent business case evaluations and this is a true indicator that there is, indeed, hope beyond hype for blockchain.”
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