While hailing blockchain as “extremely necessary,” Indian Finance Minister Nirmala Sitharaman stated that the “inherent risk” of this nascent technology necessitates prudence. Private cryptocurrencies like as bitcoin, on the other hand, are “pretty well disseminated” in India, according to her.
Sitharaman explained that while the Indian government supports the use of distributed ledger technology (DLT), popularly known as blockchain, there is a need to be careful of the anonymity issue as its use expands in the future and becomes more prevalent.
“The anonymity is what … one unknown element in this whole thing.”
“The anonymity of the person or whoever or the robot is the one which we have to be absolutely readying ourselves as …”
“a future challenge,”
So, a private Indian broadcaster NDTV quotes Sitharaman.
NSDL Makes Blockchain-Based Services Available
The Indian Finance Minister made his remarks during a function commemorating the National Securities Depository Limited (NSDLsilver )’s anniversary, during which the company developed a blockchain platform for Debenture and Convent Monitoring.
“The information stored in the system will be cryptographically signed, time-stamped, and sequentially added to the ledger.”
“It would provide a verifiable audit trail of transactions, thus strengthening the confidence in the market”
” as these assets will be continuously monitored with a strong and unalterable transaction audit trail,”
That’s, as from a press release from the Indian Finance Ministry, on the new NSDL blockchain feature.
Sitharaman’s statement regarding blockchain’s “anonymity” – maybe alluding to the fact that central banks and governments can’t delve into transactions – is being interpreted as a plug for the CBDC, which the government hopes to implement this fiscal year.
Chief Madhabi Puri Buch, speaking before the Indian Finance Minister and the Securities and Exchange Board of India (SEBI), also mentioned “the risk,” stating that the Indian CBDC will not have the anonymity feature.
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