The acceptance of Blockchain in India is still in an infancy stage. Most of the people are unaware of the blockchain and its benefits. Amidst these situations, the Telangana government is planning to bring the blockchain district to the country. If everything goes well and this district is established, then it will be the first state to bring blockchain technology into India. The Telangana government has signed a Memorandum of Understanding (MoU) with Tech Mahindra agreeing for the establishment of the blockchain district.
This MoU was signed way back in August 2018, and now the government is all set to start the work regarding this district. Telangana will be the first state in India to have pro-Blockchain legislation and policy.
As of now, the state government is waiting for the approval of the draft of this Blockchain policy, and if it is approved, they will enact on it very soon. The Information Technology, Electronics and Communication Department’s principal secretary stated that they are ready to start the procedure once they get approval. As of now, the response from the tech sector is pretty positive.
The blockchain is a system which stores all the digital currency transactions in the computers via a peer-to-peer network. Hyderabad will be joining the top ten districts to adapt blockchain in the world pretty soon. This blockchain district will engage with all the other blockchain platforms across the world and will provide an opportunity to invest in cryptocurrencies too.
The city will have a cutting edge technology incubator, top-notch research center too.
The state may provide tax exemption as well as the office spaces for a low price in order to attract the entrepreneurs.