India could soon be the next blockchain focus of the world, following its most recent Blockchain Conference which saw attendees from the government and several corporations. The guest list included over 200 government officials and 5000 registered participants at the conference held in early August.
Scores of countries around the world are adopting the use of digital currencies and the underlying blockchain technology that powers it, and this fervor is only spreading. This feeling was voiced by Abhishek Pitti, CEO of Nucleus Vision and co-host of the International Blockchain Congress held in Goa and Hyderabad,
“It only needs a few triggers globally to bring the market back up. What happened in India is giving everybody this huge signal that the governments are supporting the blockchain applications. The crypto markets are just following signals that come. There definitely has been lag in coming back, but based on the blockchain adoption in the community, the crypto markets are only a signal away to come back up. Though it’s a little bearish at the moment, I think it’s only a short-term thing.“
Given the stern opposition to cryptocurrencies by the Indian government, it was certainly a surprise seeing the presence of so many officials representing the government.
This conference was held amidst a country-wide ban on the use of cryptocurrency, enforced by the apex bank, The Reserve Bank of India, since July 5th. The course this industry will take is now in the hands of the country’s apex court, the Supreme Court of India, who has adjourned a hearing of the petition against the crypto-ban, the final ruling is due to be held on the 11th of September, 2018.
Also talking about the current bitcoin market trend, Abhishek Pitti suggested this is a recurring feature of the crypto market, one he has seen before.
“People who have been in this industry have seen this movement multiple times. Because of the underlying principles of blockchain and the decentralization, the entire disintermediation of resources, I think the blockchain is obviously here to stay” remarked the CEO of Nucleus Vision.
Chanpeng Zhao, the CEO of the cryptocurrency exchange Binance, voice a similar opinion. He mentioned that this pattern has manifested itself “every year.”
The current price of the Bitcoin is $6,466, with a market capitalization of $111.55 billion. During the European and Asian trading hours on September 5th, the Bitcoin was priced at $7,350, according to CoinMarketCap.
See also: Reserve Bank of India [RBI] seeks to explore Central Bank Digital Currency: Annual Report
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