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Blockchain Technology In India Suffers Major Backlash Due To Government Policy

Blockchain technology in India has been spreading at a rapid pace, however, there is a huge brain drain witnessed in terms of skill know how. There is a significant rise in the demand of blockchain expertise but the scarcity of knowledge and awareness are making a huge impact on this particular job sector.

This situation is similar to what happened decades back when there was an internet revolution, which saw a major segment of Indian techies moving to other countries for better opportunities. This migration has been prompted due to several governmental policies which have ring-fenced cryptocurrency in India.

According to News 18, it is stated that the blockchain technology in India is moving to crypto-friendly destinations like Switzerland, Estonia, Japan, Singapore, and Thailand to name a few. This domain several profiles for example blockchain developers, data scientist, cryptocurrency exchange operators. The Bitcoin community has been facing a severe backlash from the Indian government over the regulations and operations of the trade.

One of a cryptocurrency exchange founder refusing to be identified mentioned that the community in India is full of talented people and startups but the sudden shut down of trade by the government has forced them to look out for other destinations which allow the freedom of crypto trade. He also added the fact that trade always prospers in a product-friendly place.

Best Country To Operate Blockchain And Cryptocurrency Trade

There are some countries which have readily adopted and accepted this new concept of trade. Estonia seems to be the hot spot for blockchain and crypto trade as they seem to have adopted a straightforward process for setting up this business. An e-residency programme was launched way back in 2014 for registration of a company. In fact, one of their aims is to enroll about 200 Indian startups in their country. (Via BTC Manager)

Blockchain technology in India is definitely one of the most looked upon topics by the authorities but cryptocurrency isn’t favored at all.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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