March 28, 2024

India Set to Become a Global Blockchain and Web3 Hub

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India Set to Become a Global Blockchain and Web3 Hub

Despite the tightening regulation of cryptocurrencies in India, a group of blockchain specialists intends to work with the country's authorities to make it a hub for blockchain and Web3.

A group of blockchain specialists with experience inareas of trading, non-fungible tokens (NFTs), metaverses, cybersecurity and other technology areas, announced the creation of the India Blockchain Forum (IBF). The organization, with over 40 members, has announced its intention to make India a global hub for blockchain and Web3.

IBF intends to cooperate with the governmentcountries, regulators, industry and research institutions towards the advancement of Web3. The organization plans to create a blockchain stack, accelerate the formation of a startup ecosystem, create a talent pool for sustainable growth of the blockchain ecosystem, and strengthen support for companies operating in this field.

Groups will be created as part of the initiativespecialists with experience in various areas of blockchain, ensuring the development of such areas as the digital currency of the Central Bank and the metaverse.  In addition, the IBF intends to launch a campaign to create the world's largest Web3 community.

Indian authorities supported the creation of the platformfor the development of blockchain and Web3 in the country. At the opening of the forum in Hyderabad, Telangana State Government Secretary for Industry, Commerce and Information Technology Jayesh Ranjan said that the state government plans to launch a regulatory sandbox to promote Web3 applications.

“This sandbox will help establish a dialogue betweenby all stakeholders, including regulators, startups and policymakers, for a more nuanced approach to developing an effective Web3 framework,” he said.

Recently, former Indian Finance Minister SubhashSubhash Chandra Garg said the government should abandon its rigid stance on digital assets and promote wider adoption of blockchain.