As the Indian State of Maharashtra grapples with unemployment and the demand of youth for reservations in jobs escalates, an Indian American has a solution as he talks about the vast employment opportunities in emerging technologies of Blockchain, Fintech, ICO, Crypto Mining (BFIC).
“India has achieved success through IT, business process & KPO industry now is the time to benefit from BFIC industry and India can be the next Bitcoin/Cryptocurrency mining hub of the world and Initial Coin Offering outsourcing hub,” said Dr Tausif Malik, founder of MAHAbfic (Maharashtra - Blockchain, Fintech, ICO, Cryptocurrency) which is a platform for promoting investment in the latest emerging technologies in the State of Maharashtra.
“We have the greatest asset our people and people drive technology and innovation. Let the revolution take a new a course of action by empowering the next generation with new generation of technology,” he added.
Tausif Malik, an Indian American social entrepreneur who also happens to be the Treasurer of Democrats Abroad India opines, “The biggest opportunity we spotted to empower the youth of India especially the rural youth was through crypto mining. We developed a crypto mining training program and pitched the idea with Shri Milind Kamble founder of Dalit Indian Chamber of Commerce and Industry (DICCI), established in 2005 to bring together all Dalit entrepreneurs under one umbrella, to offer a one-stop Resource Center for existing and aspiring Dalit entrepreneurs & promote entrepreneurship among Dalits as a solution to their socio-economic problems.
Milind Kamble, understood the vision and magnanimity of the Blockchain and Bitcoin/Crypto currency mining industry and christened our mining training program as Bitcoin Mining Training Program (BMTP) and proposed and agreed for a nationwide scale for youth self-employment.
According to recent research reports by leading media such as Quartz and Bloomberg - Bitcoin mining is dominated by China but India offers great opportunity due the demographic makeup.
DICCI and MAHAbfic signed an MOU for joint promotion and training of Bitcoin Mining Training Program (BMTP). The nationwide Bitcoin/Cryptocurrency mining training program was supposed to empower the youth for self-employment. The programme contents was to educate the students about Blockchain technology, Bitcoin/Crypto currency mining, entrepreneurship, startups and business establishment. The first training program was suppose to be held in the month of May in Pune.
But Reserve Bank of India (RBI), Government of India statements about Cryptos has affected the the industry and delayed the training program and reduced self employment opportunities.
If the Reserve Bank of India (RBI), Government of India can develop a comprehensive crypto regulatory policy this would leap forward India into the next generation of IT revolution and growth and can reduce and eliminate digital divide between “India (cities) VS Bharat (rural India)” as crypto miners can work from comfort of their homes. Bitcoin/Crypto currency mining can create ‘ reverse migration’ from cities back to villages resulting in higher economic activity, taxation and development.
“The team of MAHAbfic and associates can provide relevant information to the Government in-order to create necessary sandbox for crypto regulations. If a confirmed regulatory policy is defined, it will help promote India as a hub for BFIC - Blockchain, Fintech, ICO & Cryptos,” said Dr Tausif Malik.
“Besides the Blockchain, Fintech & Cryptos; ICO - Initial Coin Offering, which is similar to IPO Initial Public Offering can trigger outsourcing work of designing, promoting ICO projects to India. ICO consulting work involves Digital Marketing & Financial consulting and Indians excel in this,” he added.
Delving into India’s history, Malik said, “Years back, the Indian economy was introduced to technology by renowned global innovator scientist, thinker and proud Indian Sam Pitroda and bingo; the Indian economy embraced technology and after a couple of decades, India is a powerhouse in IT and knowledge based industry."