India may be the next country to integrate Bitcoin alongside current fiat money transfer systems. Being revealed in a whitepaper released by the government, outlines on many of the capabilities of the coin were explored.
“From a technological perspective, we feel that [blockchain] has matured enough and there is sufficient awareness among the stakeholders which makes this an appropriate time for initiating suitable efforts towards digitizing the Indian Rupee through [blockchain].”
The paper further described how Bitcoin could slowly be made a legible coin alongside fiat be administering it directly from banks. Creating small private blockchains will allow banks to regulate activity and while this may at first take away the decentralization of the Bitcoin, it will allow widespread adoption of the coin among public who may not know of its background.
The paper describes many of the uses Bitcoin can have in society. These include the identity verification properties that Bitcoin may have. Bitcoin secure and public blockchain platform allows for a clear view of an identity and allows for money laundering attempts to be identified as transaction history is also public. Previously there were many worries regarding the anonymity of the coin itself which would enable money launders to conduct business under the eyes of the law.
To conclude the whitepaper details many applications for Bitcoin in the digital sphere which is one of the fastest growing areas of India’s economy. The paper highlights the need to explore the applications of the digital currency as fiat currency is much more rigid in terms of development. Considering the mismanagement of the introduction of new denominations, cryptocurrencies may just provide the country with a flexible and robust platform for the future financial development f the country.