The India Blockchain Forum Aims To Make India Global Hub Of Web3

The India Blockchain Forum, which was recently launched by a collection of major Indian blockchain influencers with experience in trading, NFT, Metaverse, cybercrime, and other areas (IBF), aims to make India the global hub of Web3.

According to media accounts, the ceremony was attended by Jayesh Ranjan, the state government’s principal secretary for industry, commerce, and information technology. After Bengaluru, Hyderabad is India’s second-largest IT hub.

Adopting A Collaborative Model

The newly formed India Blockchain Forum stated that its goal is to make India the worldwide hub for blockchain and web 3.0. To promote web 3, it will use a partnership model and will engage with the government, regulators, industry, and research institutes.

According to the article, the IBF has established a 10-point plan that includes developing an India Blockchain Stack, speeding the startup environment, supporting blockchain technology firms, and creating a talent pool for the long-term growth of the Blockchain ecosystem.

Special interest groups (SIGs) on CBDC, Metaverse, and policy framework will be formed from a pool of influencers with domain experience in various blockchain sectors.

According to media sources, the forum will shortly undertake a membership drive with the goal of creating the world’s largest web3 community.

State Government Will Promote Web3 Innovations

Ranjan announced the launch of the India Blockchain Forum, stating that the Telangana state government intends to establish a regulatory sandbox to encourage web 3 apps. It will let entrepreneurs create blockchain solutions around NFTs, tokens, and other applications.

“This sandbox will help create a meaningful dialogue amongst all the stakeholders including regulators, startups, and policymakers to arrive at a nuanced approach in evolving an effective web 3 framework,” he said.

IBF Sitting In A Sea Of Stringent Indian Crypto Policy

Given the rising popularity of cryptocurrencies on the one hand and the severe stance of regulators and governments on the other, the creation of the India-focused blockchain advocacy conference is significant.

The Directorate of Enforcement (ED), an Indian financial crime investigation agency, has blocked the bank accounts of WazirX and Vaud on money laundering suspicions.

Beginning April 1, India imposed a 30% capital gains tax and, beginning July 1, a 1% tax deduction at source on all crypto transactions. These changes have had a significant influence on trade volume.

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