INDIA TOO GOES VIRTUAL WITHOUT DIRECT CONTROL

India, the world's second most populous nation after China, has apparently embraced virtual banking without setting out clear controls as for normal banking.

According to reports, one of the 29 States of India, Andhra Pradesh, is now positioning its main port city, Visakhapatnam, to be a major hub for startups in blockchain technology, digital banking and cybersecurity.

Hence, the government of the state has been organising road shows and signing deals to achieve this objective. 

The city state of. Singapore, for example, has already agreed to promote the Indian port city for block chain and digital payments.

The aim is to provide in the city with a mouthful name the technology ecosystem to attract investments in digital banking and related financial technology.

Towards this end, a special summit on investment opportunities is to be held in the city on 27 and 28, of this month.

Meanwhile, the Chief Minister of the state was at the Davos   Switzerland meeting of the World Economic Forum to push for investors attention.

Andhra Pradesh used to be known more for its tourist sites that reportedly attract  tens of millions annually.

The city of Visakhapatnam was known too for its beaches.

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