Last month, India was witness to one of the biggest blockchain events, ever organized in the country. The event was co-hosted by governments of Goa, Telangana and a blockchain company Nucleus Vision.
Abhishek Pitti, the chief executive officer (CEO) and founder of Nucleus Vision said, “It only needs a few triggers globally to bring the market back up. What happened in India is giving everybody this huge signal that the governments are supporting the blockchain applications. The crypto markets are just following signals that come. There definitely has been lag in coming back, but based on the blockchain adoption in the community, the crypto markets are only a signal away to come back up. Though it’s a little bearish at the moment, I think it’s only a short-term thing.”
The fact that there were so many representatives from the government was a further sign that the country was open to exploring the blockchain technology and cryptocurrencies, the Bitcoinist noted.
Recently, as of this moment, there is an ongoing case between the Reserve Bank of India and crypto exchanges based in India at the Supreme Court, where the latter is fighting to revoke the former’s circular dated April 5. The circular had instructed banks to stop working with cryptocurrency exchanges, and were given three months to wind up.
Commenting on the current movement of bitcoin, Pitti said, “People who have been in this industry have seen this movement multiple times. Because of the underlying principles of blockchain and the decentralization, the entire disintermediation of resources, I think the blockchain is obviously here to stay.”
This news was provided by Crypto News India, our partnering media source in India.