Blockchain adoption in India.
On April 22 the Reserve Bank of India (RBI) issued a directive ordering all cryptocurrency accounts on Indian exchanges to close by July. Despite this, on May 16 Indian information technology giant Infosys, in collaboration with seven major banks, launched a blockchain-driven trade finance initiative. In his budget speech, Finance Minister Arun Jaitley said that the government will “explore …blockchain technology …for ushering in digital economy”.
The ban on trading cryptocurrencies on Indian exchanges will drive investors to foreign exchanges rather than away from the asset class.
The RBI ban on entities under its influence engaging in services relating to cryptocurrencies will slow blockchain adoption.
Tests of blockchain in trade finance, 'know your customer' data and non-performing asset management will extend to other applications.
Indian cities including Vizag in Andhra Pradesh are leading in adopting blockchain, supporting regional development.
