India to Increase Web3 Adoption via Blockchain Forum
As the preference and use for cryptocurrency and blockchain increases, more countries are planning numerical measures to fit into the industry. As a result, different regulatory approaches have been adopted in the crypto industry for different jurisdictions.
While some take a strict position resulting in a complete ban on crypto assets in their region, others remain skeptical and reluctant to enter the crypto space. Therefore, there are places where cryptocurrency has a partial ban on its use and application.
India has not fared very well in the crypto space. The country has battled many crypto-regulatory issues on trading and other transactions involving virtual assets. Additionally, the Indian government and its central bank have shown cold feet when it comes to the use of crypto assets.
The collapse of the Terra-LUNA ecosystem that negatively impacted the broader crypto market resulted in several conflicting forces from government officials. The RBI governor stated that the digital assets are fraught with danger. Therefore, people should be careful about the high risk in the crypto market.
Despite the chances to interact with digital assets, India is still putting more efforts in formulating itself with cryptocurrency. The nation does not want to leave behind the growth development and the opportunities surrounding the virtual space.
In a recent development, some top influencers in India launched a Blockchain forum to keep pace with the times. Our source stated that some officials of the Telangana government in Hyderabad are behind this development.
According to the report, the launch of the blockchain organization aims to put India at the forefront within the Web3 section of the digital space. Currently, the digital forum already has up to 40 key influencers who joined as members.
The objective of the Indian Blockchain Forum
Blockchain Forum is committed to creating community chapters in India to spread more awareness about Web 3. The Forum also plans to collaborate with academia and other research institutions for more significant achievements.
Additionally, through the Blockchain Forum, it would become easier to engage in policy making to ensure effective adoption of blockchain technology. It will also increase the interest of people in India in different sectors in the virtual space. These include a transition to Metaverse and central bank digital currency (CBDC).
The forum will soon open its doors to membership from various stakeholders. This is part of the goals of developing the largest interactive Web3 forum.
To facilitate this new move, the government of Telangana plans to unveil a Web3 regulatory sandbox. This will support new projects and applications focusing on tokenization, NFTs and others. Through the sandbox, developers will also easily establish more contacts with stakeholders who will cut across decision-makers and regulators.
Featured image from Pixabay, chart from TradingView.com
