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Despite the tightening of cryptocurrency regulation in India, a group of blockchain specialists intends to cooperate with the authorities of the country to make it the center of blockchain and Web3.
A group of blockchain specialists with experience in trading, non-fungible tokens (NFT), metaverses, cybersecurity and other technological areas announced the creation of the India Blockchain Forum (IBF). The organization, which has more than 40 members, has announced its intention to make India a global hub for blockchain and Web3.
The IBF intends to work with the country’s government, regulators, industry and research institutes 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 the sustainable growth of the blockchain ecosystem, and strengthen support for companies operating in this area.
As part of the initiative, groups of specialists with experience in various areas of the blockchain will be created, 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 have supported the creation of a platform for the development of blockchain and Web3 in the country. At the opening of the forum in Hyderabad, Telangan State Secretary for Industry, Commerce and Information Technology Jayesh Ranjan said that the state authorities plan to launch a regulatory sandbox to promote Web3 applications.
“This sandbox will help foster dialogue among 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 Subhash Chandra Garg said that the government should abandon the tough stance on digital assets and promote wider adoption of blockchain.
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