Indian Railways is ready to introduce non-fungible token (NFT)-based prepare tickets for passengers touring to the MahaKumbh Mela, a Hindu pageant and pilgrimage occurring as soon as each 144 years.
On January 13, blockchain agency Chaincode Consulting introduced its partnership with the Indian Railway Catering and Tourism Company (IRCTC) to digitize the religious journey.
The NFT tickets will probably be minted on the Polygon blockchain, leveraging its pace and low transaction prices for scalability and environmental sustainability.
Tickets Will likely be Out there By way of NFTrace
The tickets will probably be accessible via the NFTtrace platform, which makes a speciality of real-world belongings and traceability.
“By partnering with IRCTC and leveraging the Polygon blockchain, we are enabling a digital-first experience that complements the spiritual and traditional significance of the Mahakumbh while introducing a new level of engagement through NFTs,” Alok Gupta, CEO of Chaincode Consulting, stated.
The MahaKumbh Mela attracts tens of millions of pilgrims from around the globe, with roughly 1.2 million prepare tickets booked day by day through the IRCTC platform.
This NFT-based ticketing drive goals to boost international participation whereas celebrating India’s cultural heritage.
Kumbh Mela, a associated pageant held each 12 years and acknowledged by UNESCO as an Intangible Cultural Heritage of Humanity, has attracted notable figures akin to Richard Gere and the Dalai Lama.
Indian Railways beforehand experimented with NFT-based tickets throughout Holi in March 2024, branding them as “a celebration of the rich cultural tapestry of Lucknow and Delhi.”
The blockchain-based system permits for safe verification of tickets by each authorities and the general public.
Information of purchases are maintained on the Hyperledger blockchain, with good contracts guaranteeing transparency and traceability.
India’s Stance on Crypto Stays Ambiguous
India’s stance on cryptocurrencies has been considerably ambiguous.
In 2022, the nation imposed strict crypto taxes. A flat 30% tax was launched on all revenue from the switch of cryptocurrencies or digital digital belongings (VDAs), with no deductions allowed aside from acquisition prices.
Moreover, a 1% Tax Deducted at Supply (TDS) was imposed on transactions exceeding ₹10,000 yearly (or ₹50,000 for particular classes), efficient July 1, 2022, inflicting liquidity points available in the market.
India additionally made it a precedence to attain international consensus on framing crypto insurance policies as a part of its G20 presidency in 2023.
The nation efficiently obtained settlement from all G20 members on international pointers.
Nonetheless, India continues to grapple with inflexible crypto tax guidelines.
Through the announcement of the fiscal yr 2024-2025 price range, Finance Minister Nirmala Sitharaman upheld the controversial crypto tax laws.
Regardless of intensive lobbying from the cryptocurrency trade, which introduced substantial proof to advocate for a discount within the TDS coverage from 1% to 0.01%, the present guidelines stay unchanged.
Final week, international cryptocurrency alternate Bybit introduced a short lived halt to its buying and selling providers in India, citing evolving regulatory developments.
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