Newly Launched Blockchain Forum Aims to Make India a Global Center for Web 3 Newly Launched India Blockchain Forum Aims to Make India a Global Center for Web3

A group of leading Indian blockchain influencers with expertise in trading, NFT, Metaverse, cybercrime, etc. recently announced the formation of the India Blockchain Forum (IBF).

The event in Hyderabad in India’s Telangana state was attended by the state government’s principal secretary for industries, commerce and information technology, Jayesh Ranjan, media reports said. Hyderabad is India’s second largest technology hub after Bengaluru.

The IBF will adopt a collaborative model

The newly formed Indian blockchain advocacy platform said its vision is to make India the global hub for blockchain and web 3. It will adopt a collaborative model and work with governments, regulators, industry and research institutes to advance web 3.

The IBF has adopted a 10-point agenda that includes building an India Blockchain Stack, accelerating the startup ecosystem, supporting blockchain technology companies and creating a talent pool for sustainable growth of the Blockchain ecosystem, the coverage said.

The pool of influencers with domain expertise in various blockchain areas will be used to form Special Interest Groups (SIGs) such as CBDC, Metaverse and Policy Frameworks.

The forum will soon launch a membership drive with a mission to create the world’s largest web3 community, media reports said, citing PR from the event.

The state will promote Web3 innovations

Launching the Indian blockchain advocacy platform, Ranjan said the Telangana state government plans to release a regulatory sandbox to promote web 3 applications. It will help startups build blockchain solutions around NFTs, tokens and other applications.

“This sandbox will help create a meaningful dialogue between all stakeholders, including regulators, startups and policy makers to arrive at a nuanced approach to developing an effective web 3 framework,” he said.

IBF amid strict Indian crypto policy

The launch of the India-focused blockchain forum assumes significance given the growing popularity of cryptocurrencies on one hand and the strict approach of the regulators and authorities on the other.

Recently, India’s economic crime investigation agency, the Enforcement Directorate (ED), froze the bank accounts of WazirX and Vaud over allegations of money laundering.

As of April 1, India has started charging a hefty 30% capital gains tax and from July 1 a 1% tax deduction at source on all crypto transactions. These moves have seriously affected trading volume.