Blockchain Foundation of India could pave the way for crypto legalization in the country

Some people are still under the impression that blockchain and Bitcoin are one in the same thing. However, even though Blockchain is the underlying technology that supports Bitcoin and other digital currencies, it can do so much more, and not just in the crypto industry.

Its benefits include immutable and permanent record keeping as well as data storage solutions, showcasing that it is a valuable addition to any business in any industry.

The Blockchain Foundation of India (BFI) sees the potential of this technology and wants to educate the country on it, and hopefully see it implemented in various sectors. The non-profit organization was recently launched in New Delhi.

This is a surprising move, especially in a country that is wary of the crypto industry. Digital Assets and Blockchain Foundation of India (DABFI) is already operational in the country, with its goal being to regulate Bitcoin. However, this new organization has a different aim in mind.

Mohit Kalra, who is CEO of Coinsecure, co-founder BFI, and who has been apart of DABFI, had this to say:

“Apart from being a Bitcoin exchange, Coinsecure has also been making efforts to promote Blockchain further in India, and BFI is a step in that direction. The Blockchain Foundation of India already has members from National Informatics Centre (NIC), PwC, Nokia, Yes Bank, and GlaxoSmithKline, and a lot of other people have been approaching us as well, showing an interest in being a part of the initiative.”

However, BFI membership is not just for the elite few who are already taking advantage of the technology, Kalra says it is for everyone who has an interest in blockchain, and who are interested in advancing it.

BFI co-founder, Manav Singhal, added:

“Blockchain is the future of technology itself. We have a lot of talent working with Blockchain in India; what we truly needed was a platform to collaborate and encourage. Through the BFI platform, we will be able to accelerate the growth of Blockchain technology in India remarkably.”

Kunal Patel, who is an advisor for Yes Bank’s Yes FinTech initiative, explained why they are a part of BFI:

“Blockchain has the power to radically transform the way we currently work across many industry verticals. The benefits have been well documented, but we must ensure that we apply the technology in the right way, and continue to educate all concerned people to reap long-term rewards. I believe BFI will help push this change in the right direction.”

BFI, and the country’s increasing fascination and involvement with cryptocurrencies, is putting the pressure on the government to decide on how they will regulate the industry. Both blockchain and crypto have grown phenomenally in this year, with most of India’s major banks using the former. The only way is up, with next year likely to show even more growth in both industries.

Author : Jack Dean