Raghav Chadha, a member of the Rajya Sabha, has urged the Indian government to clearly and systematically legalize cryptocurrencies. Additionally, he recommended that blockchain be used to store all land and property records.

The middle class might profit greatly from asset tokenization and blockchain-based land registries, Chadha clarified during the Rajya Sabha debate on the Appropriation Bill. Property disputes might be reduced and vast sums of underutilized cash may be released, he claimed. His comments have sparked discussion about bitcoin legislation, India's land governance structure, and the wider use of blockchain technology.

The central issue here is whether blockchain technology has the potential to become India's next significant digital public infrastructure (DPI).

• Blockchain Land Records
• Tokenisation Bill Push
• Crypto Legalisation Call
• Global Blockchain Model
• Policy Road Ahead

Blockchain Land Records

One of India's most enduring legal issues is still land conflicts. According to government estimates, about two-thirds of civil court proceedings involve disputes over land and property. Slow, manual verification procedures and dispersed ownership records are largely to blame for this.

The Digital India Land Records Modernization Programme (DILRMP) was launched by the central government in 2016 to address issue. The program's main goals are to digitize Records of Rights, cadastral maps, and state-level registration systems.

According to data made public by the Press Information Bureau, more than 94% of Records of Rights and 68% of cadastral maps nationwide have already been digitalized. Although this is a significant step forward, issues with legality, traceability, and system integration remain.

Here's where blockchain becomes important. Land records management is formally included as a priority proof-of-concept in the Government of India's National Blockchain Framework, which highlights advantages such immutability, tamper protection, and transparent ownership history.

Building on this foundation, Chadha has suggested establishing a national blockchain ledger that would allow for the permanent tracking and auditing of each property transaction.

By integrating blockchain technology into official registry processes, Assam was the first state to explore blockchain-based land registration in the Darrang district.

Tokenisation Bill Push

Chadha presented a more ambitious concept, a Tokenization Bill, that went beyond simple digitization.

By converting tangible assets, such as buildings or real estate, into digital tokens, tokenization enables individuals to possess tiny shares of valuable properties. According to Chadha, tokenization might make real estate investing accessible to everybody, just as UPI made digital payments accessible to all.

He told the Rajya Sabha that illiquid real estate currently holds a significant portion of India's wealth. Tokenization could allow regular people to make tiny investments in high-end real estate or infrastructure projects with the right legal support, generating liquidity while maintaining regulatory protections.

India's National Blockchain Framework already lists asset tokenization as a potential blockchain use case. However, these initiatives are restricted to strictly regulated pilot projects in the absence of appropriate legislation.

Chadha's claim, therefore, is not only theoretical; it seeks legal backing for capacities that the government has previously acknowledged.