Even though Bitcoin and other crypto coins trading have been banned in India, Chicago based MAHAbfic (Maharashtra – Blockchain, Fintech, ICO, Cyrpto currency) has said that Bitcoin mining can generate employment in the Maharashtra state.MAHAbfic founder Dr Tausif Malik said, “Crypto mining can create tremendous job opportunities for youth. India can be the next Bitcoin and crypto currency mining hub of the world.”
Emphasizing on the state, Dr Malik said that the recent violent of Maratha youth in the state was the result of not getting jobs in government or private sectors. Even though India has been know globally as a software power, there is still huge gap in the people living in the urban and rural areas. This gap can be filled, if the government bridge it with digital revolution and adopt crypto mining in the country. This will not only generate employment, but also revenue to the state along with the minister earning handsomely.
MAHAbfic founder also said that if Reserve Bank of India (RBI) and government 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 cities and rural areas as crypto miners can work from comfort of their homes. Bitcoin and crypto currency mining can create reverse migration from cities back to villages resulting in higher economic activity, taxation and development. If government adopt crypto mining, state can BFIC Capital of the world.
In March 2018, MAHAbfic and Dalit Indian Chamber of Commerce and Industry (DICCI), an industry organization supporting entrepreneurs from social backward classes founded in 2005 with understanding the vision and magnanimity of the Blockchain and Bitcoin and crypto currency mining industry signed an MOU for joint promotion and training of Bitcoin Mining Training Program (BMTP).
The programme was planned in order provide large scale nationwide self employment to youth across the country. But after the Reserve Bank of India (RBI) ban and central government view on cryptocurrency in April 2018, affected the industry and delayed the training program and reduced self employment opportunities and the first programme scheduled for May 2018 has not taken off till now.
Various media report have suggested that though China is a leader in Bitcoin mining, India too offers great opportunity due the demographic makeup. Even though the state is the economic powerhouse of the country, there still needs to be done for youth living in rural areas and farmers, which accounts for a sizable number of population. Explaining on how the state will attain this, Dr Malik said that Maharashtra state, especially Mumbai city being a financial & entertainment capital and Pune know as Detroit of the East can become India first tech capital of the country that offers some uniqueness no other place on the planet can offer that includes great international connectivity; proximity of airport from the main city; real estate opportunities; availability of human resources & talent standard of living; and a quality of life.
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