Narendra Modi supports blockchain – Is India the next growth market for crypto?
As markets evolve and keep looking for a new hotspot, so does the crypto industry. After South-East Asia, China and the US are already (partly) convinced of the usefulness of cryptocurrency, India also seems to be moving in that direction.
With a population that easily passes the billion mark, India is a growth market with huge potential, but just like in other continents, the banks are holding back crypto and blockchain. Indian banks are not ready to give up their monopoly, and through the courts they stop the adoption of crypto.
However, Prime Minister Narendra Modi, the most important politician in the country, praised earlier this week blockchain as an industry in which he hopes that young Indians will develop.
India Ideas Summit
During a speech at the India Ideas Summit, organized by the US-India Business Council this week, Modi spoke about the importance of new IT markets in which India can play a role.
Opportunities in technology also include opportunities in the more modern technologies such as 5G, Big data analysis, Quantum computing, Blockchain and Internet of Things.
Modi’s statement that blockchain offers opportunities was immediately discussed in the Indian press, and many thought that his government was making a turn with regard to crypto.
Given his influence in the country, the recommendation of blockchain can indeed be interpreted as a very positive signal. The financial heart of the country, the city of Mumbai, will be happy to hear it.