wordpress blog stats
Connect with us

Hi, what are you looking for?

National Blockchain Strategy At Odds With Data Localisation and Privacy says Ikigai Law

Law and policy firm, Ikigai Law says that the government's Draft National Strategy for Blockchain is at odds with its approach on data localisation norms and privacy. In its response to the government's draft strategy, which seeks to centralise blockchain development, Ikigai said that the government should pursue a more collaborative approach with domestic and international organisations, rather than focus on creating an India-centric model. In its report, the the Ministry of Electronics and Information Technology (MEITY) recommended that the government create a National Level Blockchain Framework (NLBF) which could first, create uniform blockchain systems across various use-cases and second, implement a number of public services on such systems. In theory, blockchain is meant to decentralise computer networks, allowing equal access and power to the same set of electronic files and software. However, the MEITY's draft strategy envisages a centralised model for blockchain development and access. Since Blockchain systems can be global, including thousands of users and computer nodes, India's policy on data localisation may hamper the ability to tap this opportunity. "The Draft Strategy correctly identifies that since data is automatically stored across all nodes on a blockchain network, data localisation would be a challenge to blockchain adoption. In general, data localisation requirements may have unintended consequences on the Indian economy. This is because restrictions on cross-border flows of data will deprive the Indian economy of the significant contribution of data-led economic growth," the submission said. Ikigai says the government should revisit its stance on data localization and should…

Please subscribe/login to read the full story.
Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

Free Reads

News

The service from the tie-up will initally be launched at Bengaluru, Bhubaneswar, Vijayawada and Visakhapatnam railway stations

News

The Minister's response came after an X user posted answers generated by Gemini regarding Prime Minister Narendra Modi.

News

Vaishnaw said that in the next five years, there will be significant disruptions in the way telecom technology operates.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ