MonetaGo’s Thoughts on the Effects of the India Union Budget 2018
The RBI has shown significant interest in Blockchain with a number of PoCs, including the Whitepaper we did with the IDRBT and major banks. The RBI will continue to pursue Blockchain solutions to improve interoperability and reduce friction in digitisation.
While cryptocurrencies have been labelled as illegal tender in India, the Government has welcomed Blockchain, the underlying technology for its projects in payment services, agriculture, financial exchanges, infrastructure, education among other sectors. Honourable Min. Arun Jaitley mentioned that the government is currently reviewing the effect of FinTech industry in the country so 2018 will definitely see a rise in scope of work in the said space wherein different industries may go for PoCs to test the efficiency of the blockchain technology in respective use cases.
Going into 2018, more banks are seeking to use this technology to transform parts of their business, especially to reduce frauds.
Governments of Andhra Pradesh, Telangana have already embraced the possibilities of blockchain by testing it for land deals. Similarly, Maharashtra CM Mr. Devendra Fadnavis too, welcomed the technology by saying it will reduce trust deficit.