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Indian Railways is set to launch non-fungible token (NFT)-based tickets for travelers attending the MahaKumbh Mela, a Hindu festival and pilgrimage that occurs every 144 years.
On January 13, blockchain firm Chaincode Consulting announced its collaboration with the Indian Railway Catering and Tourism Company (IRCTC) to digitize the spiritual journey.
The NFT tickets will be minted on the Polygon blockchain, utilizing its speed and low transaction fees for scalability and environmental sustainability.
Tickets Will Be Available Through NFTrace
The tickets will be accessible via the NFTtrace platform, which specializes in real-world assets and traceability.
“By collaborating with IRCTC and utilizing the Polygon blockchain, we are facilitating a digital-first experience that enhances the spiritual and traditional significance of the Mahakumbh while introducing a new level of engagement through NFTs,” stated Alok Gupta, CEO of Chaincode Consulting.
The MahaKumbh Mela attracts millions of pilgrims globally, with approximately 1.2 million train tickets booked daily through the IRCTC platform.
This NFT-based ticketing initiative aims to enhance global participation while celebrating India’s cultural heritage.
Kumbh Mela, a related festival held every 12 years and recognized by UNESCO as an Intangible Cultural Heritage of Humanity, has drawn notable personalities such as Richard Gere and the Dalai Lama.
In the spirit of Holi, IRCTC reveals a vibrant array of NFT tickets for the Lucknow-New Delhi-Lucknow IRCTC Tejas trains (82501/82502), available from March 20th to April 2nd.
These tickets are not merely digital keepsakes; they are a celebration of the rich cultural… pic.twitter.com/fsH0NwH2ZN— IRCTC (@IRCTCofficial) March 13, 2024
Indian Railways previously trialed NFT-based tickets during Holi in March 2024, branding them as “a celebration of the rich cultural tapestry of Lucknow and Delhi.”
The blockchain-based system allows for secure verification of tickets by both authorities and the public.
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India’s Position on Crypto Remains Unclear
India’s position on cryptocurrencies has been notably unclear.
In 2022, the country implemented stringent crypto taxes. A flat 30% tax was introduced on all profits from the transfer of cryptocurrencies or virtual digital assets (VDAs), with no deductions permitted except for acquisition costs.
Additionally, a 1% Tax Deducted at Source (TDS) was imposed on transactions exceeding ₹10,000 annually (or ₹50,000 for specific categories), effective July 1, 2022, leading to liquidity challenges in the market.
India also prioritized achieving global consensus on crypto policy frameworks as part of its G20 presidency in 2023.
The nation successfully secured agreement from all G20 members on global guidelines.
However, India continues to face rigid crypto tax regulations.
During the announcement of the fiscal year 2024-2025 budget, Finance Minister Nirmala Sitharaman upheld the contentious crypto tax regulations.
Despite extensive lobbying from the cryptocurrency sector, which provided significant evidence advocating for a reduction in the TDS rate from 1% to 0.01%, the existing rules remain unchanged.
Last week, global cryptocurrency exchange Bybit announced a temporary suspension of its trading services in India, citing evolving regulatory developments.
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