India Launches New Blockchain Forum Aiming to Make the Country a Global Hub of Web 3

  • August 25, 2022
  • Admin_Blockchain
India Launches New Blockchain Forum Aiming to Make the Country a Global Hub of Web 3

A few days back, India Blockchain Forum was launched in Hyderabad. The purpose of the forum is to make India a worldwide hub for Web 3.0 and build the country a “Blockchain Stack”. 

The launch of the India Blockchain Forum (IBF) was announced by a team of Indian blockchain influencers with expertise in NFT, cybercrime, trading, Metaverse, etc. The event was conducted in Hyderabad, the state of Telangana in India, and was attended by Jayesh Ranjan, the principal secretary of the State government for information technology, industry, and commerce. 

A collaborative Model by IBF

The newly formed Blockchain advocacy platform says that its aim is to make India a global hub for web 3 and blockchain. The forum is planning to adopt a collaboration model and work with regulators, industry, research institutes, and government to promote web 3. 

The blockchain forum has embraced a ten-point agenda that consists of developing an India blockchain stack, supporting the blockchain technology companies, speeding up the startup companies, and forming a skilled pool for feasible development of the Blockchain ecological community.

A team of experts with expertise in different domains in blockchain technology areas can work to form special interest groups (SIGs), such as Metaverse, policy framework, and CBDC (Central Bank Digital Currency). The forum will launch a membership drive in the country to form the world’s largest web3 community. 

Also Read: Why is the ETH Merge the Most Important Crypto Event in 2022?

State Government Promotes Web3 Solutions

With the launch of the India blockchain advocacy platform, Jayesh Ranjan states that the state government of Telangana plans to release a regulatory sandbox to facilitate web3 applications. It helps startups to build blockchain solutions around tokens, NFTs, and other applications.

He stated that “the Sandbox will help to develop a meaningful dialogue amongst stakeholders including startups, policymakers, and regulators, to reach a subtle approach to unfold an effective web 3 framework“.  

Also Read: Everything You Need to Know About Crypto Credit Cards And Crypto Debit Cards

What is the Agenda Behind IBF?

Here are the ten-point agenda of the India Blockchain Forum:

  • Policy Advocacy
  • Support Blockchain-tech companies
  • Develop an India Blockchain Stack 
  • Educate communities
  • India Blockchain Use Case Repository
  • Global alliance
  • Collaborate with research institutes and academics
  • Corporates to adopt Distributed Ledger Technology
  • Speed up the startup industry
  • Corporates to accept web3 technology

The five founders of IBF are CEO of Block Stack, Prasanna Lohar, CEO & Founder of Idealab’s FutureTech Ventures, Pankaj Diwan, Chief Cybersecurity officer of Vara Technologies Col. Inderjit Singh, Blockchain pioneer, Sharat Chandra, and the Chief Business Officer of Secure Kloud Technologies, Srinivas Mahankali. 

How IBF Formed Amid Strict Indian Crypto Policy?

The India-based Blockchain Advocacy Forum determines the importance of the thriving popularity of cryptocurrencies on one side and the strictest strategy of the policymakers and the government on the other.

The investigating agency Indian financial crime, the Directorate of Enforcement (ED), seized the bank accounts of Vaud and WazirX in a money laundering case. India started levying a hefty 30% capital gains tax, on April 1st, and from July 1st, a 1% tax deduction at source was conducted for all transactions. This has harshly impacted the trading volume of cryptocurrencies.

Wrapping Up

The principal secretary of, commerce and IT, Jayesh Ranjan from the Government of Telangana admired the team for creating a platform for implementing growth and adoption of the Blockchain ecosystem in India.

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