India has become quite a hostile arena for the growth and proliferation of cryptocurrency. The country, much like China, has decided on a strong anti-crypto stance while looking to embrace blockchain technology.
There has been much confusion though from the Indian regulators who have never stated that the digital currency industry is illegal in any sense, but they have stepped in to make things difficult. At the same time, the country has had rumours circulating that it is also developing its own digital currency.
Perhaps this is the reason why, recently, India’s Prime Minister Narendra Modi has awarded a young entrepreneur for her cryptocurrency price tracking application. This again paints a confusing picture of the government’s stance on cryptocurrency, but they may be starting to look for their own needs.
Innovation prize in India
The award recipient, 18-year-old Kumari Harshita Arora, created an app called Crypto Price Tracker, a portfolio management and price tracking tool for cryptocurrencies, which she designed herself.
Interacting with the award winners at his residence, the prime minister said that he is proud to see the awareness of their duty towards society and the nation, local media reported.
Modi was quoted as saying: “When I was getting introduced to you a while back, I was really surprised. The way you all have tried in different fields, the work that has been done at such a young age … is amazing.” The prime minister added:
Whenever I hear about such courageous work of all you young comrades, talk to you, I also get inspiration and energy.
“I created a cryptocurrency portfolio management and price tracking application called Crypto Price Tracker and launched it on the App Store in Jan 2018,” Arora told Bitcoin.com. She added that it was later acquired by Redwood City Ventures.
“My app received a lot of positive feedback from the crypto community and got thousands of paid downloads in the first 24 hours of launch which led it to becoming the #2 app in the Finance category of the App Store.”
Perhaps the innovative move from the young Indian is more being praised for hr drive than the content of her app, and India is still not that keen to promote the cryptocurrency space. However, this does at least for the likes of the president to take note that people are actively pursuing the ecosystem in India.