India Welcomes ‘Blockchain District’
Main page News, Blockchain, India

Authorities of Indian state of Telinghan signed a memorandum of understanding (MOU) with Tech Mahindra to launch the country's first 'Blockchain District' in the state capital of Hyderabad. It should become a technology development hub and incubator for blockchain startups from all over India.

State government will build all the necessary infrastructure for the new district, as well as provide political and regulatory support to startups. Tech Mahindra will do its part by providing technological support to residents of the district.

According to technical director of Tech Mahindra, the district can become a global blockchain center. Earlier, the company launched Tech Mahindra BlockGeeks program in Hyderabad as part of its Makers Lab. Thus Tech Mahindra plans to step up the advancement of blockchain.

India's Mahindra Pushes For Blockchain

WHY IS IT IMPORTANT?

1. There is a very difficult situation around cryptocurrencies in India. Reserve Bank of India made all Indian banks stop crypto related operations in June. The Supreme Court of India has postponed giving its verdict to the crypto-ban issued by the central bank. Next hearing is scheduled for September 11, therefore the ban is still in place until the court’s decision.

2. At the same time the authorities of the country are positive about blockchain. Not so long ago, Indian Prime Minister Narendra Modi called blockchain revolutionary technology and stated the need for its early adoption.

Best Places in the World for Crypto

3. Already many countries are trying to apply and study the distributed ledger technology, as well as create favorable conditions for fintech companies. So, there already exists in the world the Crypto Valley in Canton Zug, Crypto Beach in Korea and other similar places.

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