How Ukraine War led to Indian version of Bitcoin!!

In the latest budget for 2022-23, India has officially announced that it will launch its own version of Digital currency from Apr 1st 2022. India has for a long time has not allowed Bitcoin and other crypto currencies. India has the largest digital market in the World with more than 1 billion users with smartphones! While China too has that many users, their usage is mostly restricted. So businesses across the World are very much vying for Indians business.

For the past few years, India is taking a cautious approach in modernisation goals. While it is importing military related Jets or equipment from France and Russia, IT related digitization is mostly happening in India. India still needs at least a decade before it can manufacture military Jets and equipment indigenously.

India is observing crypto currencies for quite a while now and waiting on bringing its own version of Digital currency. While crypto currencies like Bitcoin have no way to tell how much a particular user owns in Bitcoins (because it’s “crypto”) , Digital currency can be tracked by Central banks.

Countries like India and China are closely observing how far Western countries can go in imposing sanctions in case a country goes against their stated demands!

With US and NATO suspending Banks SWIFT transactions for Russia, India and China have more or less confirmed that they cannot rely on West for anything, especially technology that they control.

For the past several years, India is on a mission to build their own technology systems as part of PM Modi’s vision for “Atma Nirbhar Bharat”. As part of this mission, India has been working on Digital currency as an alternative to Crypto currencies.

India has chosen now to announce the arrival of its Digital currency in a bid to show to Western world that it no longer has plans to depend on Western technology systems!

Financial equilibrium has now officially shifted to East from West with India, China, Russia emerging as financial powers after failed Western sanctions on Russia.