Market News

Crypto Milestone in India: 34 Crore Documents Verified on National Blockchain

India has marked a significant achievement with over 34 crore government documents verified on its National Blockchain system.

This development emphasizes a commitment to digital trust and transparency, paving the way for future cryptocurrency regulations.

Launched by the Ministry of Electronics and Information Technology (MeitY) in September 2024, the National Blockchain Framework (NBF) aims to secure and streamline government data.

The framework comprises four critical tools designed to enhance data safety and accessibility across various government services.

With this milestone, India establishes a decentralized approach, mitigating risks associated with centralized databases prone to fraud and data breaches.

Experts suggest that if cryptocurrency is eventually approved, the implications could be profound, including the creation of on-chain identities for easier Know Your Customer (KYC) processes.

Additionally, real-world assets could see tokenization, enabling their use in decentralized finance (DeFi) and non-fungible tokens (NFTs).

The potential integration of the Reserve Bank of India’s digital rupee with the blockchain could further streamline transactions, enhancing both speed and security.

Overall, the National Blockchain initiative illustrates how India is positioning itself at the forefront of blockchain governance, preparing for a future where crypto can thrive.

This record of verified documents signals the start of a new chapter in India's digital evolution, blending finance, governance, and technology into a cohesive ecosystem.