Beijing’s sudden rush into blockchain development and digital currency hasn’t gone unnoticed. From America to Europe and back to Asia, governments have started thinking about this new racetrack in more serious terms. India has a history of tensions with China, although the countries have a lot in common as well. The two regional rivals share a hostile attitude toward decentralized cryptocurrencies, for example, but they may find a new field of competition in the advancement of technologies developed around their underlying architecture.
Also read: Indian Lawmaker Says ‘Cryptocurrency Is Inevitable’
From Border Disputes to Blockchain Race
China and India have a very long history of relations that date back to ancient times and have involved a tremendous amount of cultural and commercial exchange through the ages. But in the past century they have been marked by border disputes and economic competition. After three military conflicts in several decades, tensions between the two nations rose again recently in the troubled region of Kashmir, parts of which are controlled by India, Pakistan, and the People’s Republic.
The Indian decision to revoke the autonomy of its northern state of Jammu and Kashmir and split it into two federal territories ruled directly by Delhi sparked a diplomatic exchange of fire, mere days after Prime Minister Narendra Modi and President Xi Jinping vowed to improve political and economic ties. The two statesmen met informally in the seaside town of Mamallapuram, in the southern Indian state of Tamil Nadu, Reuters reported, to discuss among other issues India’s huge trade deficit with China, exceeding $50 billion in the past couple of years.
India has to catch up with China on a lot of fronts and Beijing may have just opened another one with its new focus on
