India’s finance minister sees 46% growth in blockchain technology use in next few years

While India’s central bank has adopted a hostile stance towards cryptocurrency, the South Asian nation has recognized the potential for blockchain technology. 

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Fast facts

• Use of blockchain technology is going to rise by about 46% in the next few years, India’s finance minister Nirmala Sitharaman said on Tuesday at an event. 

• The future of finance is going to be driven by the digitization of banks while artificial intelligence will play a bigger role in the area of finance technology, Sitharaman said. 

• Subhash Chandra Garg, India’s former finance secretary, had told Forkast in an interview in August that the potential of blockchain technology has so far been overshadowed by the government’s opposition to the use of cryptocurrencies associated with the new technology.

• India imposed a 30% flat tax on all crypto income beginning April 1 followed by a 1% tax deducted at source for all transactions above 10,000 Indian rupees (US$125) from July 1.

• Earlier this month, Sitharaman urged the International Monetary Fund (IMF) to lead the way in global regulation of crypto assets. 

See related article: India crypto exchanges plan long-term future as day traders flee