Blockchain technology has kept on flourishing in India. Conversely, the position towards cryptocurrencies stays negative and antagonistic to such an extent that major crypto trades like Zebpay were compelled to close down.
The circumstance concerning crypto in India keeps on breaking down. An absence of proper regulations, and additionally, for the most part negative position towards blockchain technology has prompted cryptocurrency exchanges being compelled to end their services.
Because of the Central Bank of India’s diktat, other banks of the nation are not permitted to attempt any exchanges even remotely related to cryptocurrency trading. As per Zebpay’s blog, this circumstance has harmed the Zebpay and has also ‘crippled’ its clients’ ability to transact business in any significant way.
The RBI was then taken to court. However, the nation’s supreme court still can’t seem to lead on the issue. The procedure will probably take a considerable amount of time, which cryptocurrency trades basically can’t bear. As specified, Zebpay, and likely other exchanges too, endeavoured to locate an alternative method to lead their business, yet without much of any result.
As opposed to the cryptocurrency circumstance, no doubt India is still exceptionally steady of the blockchain technology itself. The nation’s NSE (National Stock Exchange) has declared trial of another use case for this technology. As per their declaration, they intend to present e-voting using blockchain for different organizations listed on their platform.
NSE’s Sankarson Banerjee has expressed that blockchain’s permanent nature can guarantee complete transparency of each move made by network members. Also, synchronization of the procedure of vote will be continuously conceivable on account of the smart contract structure. Such highlights will guarantee the making of another condition where corporate governance and compliance will be altogether progressed.
The blockchain used in the voting procedure will be made using Elemential platform’s Hyperledger framework.
Elemential Lab’s CEO, Raunaq Vaisoha, additionally remarked on the pilot by expressing that blockchain will empower an unchanging trail of all exercises continuously. This is viewed as a critical advance towards clear and exceedingly transparent corporate governance. It will also introduce another standard that different organizations will try to accomplish.