PM Modi distributes digital degree based on blockchain at IIT Kanpur

Prime Minister Narendra Modi also discussed cryptocurrency in his speech at the 54th convocation event of the Indian Institute of Technology (IIT) Kanpur on Tuesday. They issued digital degrees based on blockchain through this platform. At the ceremony, all the students were given digital degrees through a technology that works on a blockchain developed at the institute under the National Blockchain Project. These digital degrees can be verified globally. Even before this, Modi has been seen making some positive statements regarding cryptocurrencies. Recently he said that emerging technologies like cryptocurrencies should be used to empower democracy, not weaken it.

Prime Minister Narendra Modi was at IIT Kanpur on Tuesday, where he issued a digital degree based on blockchain, indicating that the government is not completely against cryptocurrencies. In this event, all the students were given digital degrees through a special technology working on blockchain.

Earlier this month, Prime Minister Modi had said that policy makers in India believe that irregular transactions in digital currencies can harm the country’s economic and financial stability, but if used properly, it can strengthen democracy. could. After initially planning to ban cryptocurrencies, the Modi government is now considering bringing in a law to regulate the use of cryptocurrencies.

There are an estimated 15 million to 20 million cryptocurrency investors in India. The industry estimates their total crypto holdings to be around Rs 40,000 crore. Although the government does not provide any official data regarding this.

Recently Duvvuri Subbarao, former Governor of Reserve Bank of India (RBI) expressed his concern regarding cryptocurrencies. Subbarao said that cryptocurrencies, if legalised, could take away the RBI’s control over money supply and inflation management in the country. Subbarao shared his assessment while addressing a webinar organized by the National Stock Exchange (NSE) and the New York University (NYU) Stern School of Business this week.