India Plans to Issue a National Blockchain Framework
The Indian government is preparing a national framework to support the wider deployment of blockchain use cases.
Minister of state for electronics and IT (MeitY) Sanjay Dhotre said Wednesday that the government is drafting an approach paper on the National Level Blockchain Framework which discusses the potential for distributed ledger technology and the need for a shared infrastructure for different use cases.
Dhotre made the announcement in a letter addressing questions about blockchain from members of the Lok Sabha, the lower house of the Indian parliament.
Bitcoin Price Blasts Through Key $7.4K Resistance – Next Target $8.1K
As shown by the daily chart, Bitcoin’s drop below the descending channel brought the price to $6,570, a price last seen on May 13. Below $6,570 there is a volume gap until $5,666 since this point was a part of Bitcoin’s parabolic rally from $4,000 to $13,800.
The volume profile visible range (VPVR) shows buying interest in the $5,500 to $5,100 area. Notice that Woo’s Bitcoin NVT Signal currently shows a realized price of $5,649 and the 200-WMA is at $4,878, a point of interest on the VPVR.
For the doomers calling for a visit back to 2019 lows, the 161.80% Fibonacci extension at $4,000 would be a total retrace of the parabolic move that took Bitcoin price to $13,800 on June 26.
Indian Government to Issue National Blockchain Strategy
The Indian government is working on a national blockchain strategy in order to expand the technology’s adoption in the country.
As the India Times reported on Nov. 27, India’s Ministry of Electronics and Information Technology (MeitY) said that it recognizes the potential of blockchain technology and the need for the development of a shared infrastructure to carry out related use cases. The Ministry added that it is working on the “National Level Blockchain Framework.”
The Minister of State for Human Resource Development, Communications and Electronics and IT, Sanjay Dhotre, noted blockchain’s capability and potential in sectors such as governance, banking, finance and cybersecurity, among others.