Industry declines the new blockchain policy by MEITy

27 March, 2021

Industry declines the new blockchain policy by MEITy

The whole industry refuses to accept MEITy’s blockchain policy as they do not want much interference from the government. They are demanding a decentralized system for the better growth of the blockchain industry. According to them, the government will put high restrictions on the blockchain industry and reduce its growth.

The blockchain industry is amongst the emerging industries in India. The technology is well appreciated by Indians because of its effective database and crypto currency specifications.

Recently the technology came into bruiting when the Ministry of Electronics and Information technology (MEITy) announced new policies for blockchain technology. According to GIFT (Global Impact Fintech) and Government Blockchain Association, the Indian government will interfere in the blockchain industry more than ever before. The whole blockchain industry declines the new blockchain roadmap as they think it will slow down the innovation. On this, NASSCOM stated that the government should explain the policies in detail and at which stage they want to interfere in the blockchain industry.

Various global groups including GIFT and GBA recommended that the government should leave the industry decentralized so that it can grow in India. The government should not create framework regularities without any adequate future perspective. Along with that, they stated it will much better if the government introduce blockchain applications and other technologies in the ecosystem. It will open up more opportunities for startups and help in nurturing the blockchain ecosystem.

Also, CID stated that “There should be a single National Strategy Paper which should not only acknowledge the existence of the other papers but also clarify that as a matter of government policy, the positions stated in this paper would take precedence over the others”

The government and MEITy have invited stakeholders for a meeting after a week to take better decisions on the new blockchain roadmap.