Telangana is soon going to be India’s first blockchain capital. It is all set to break into the scene with new possibilities. The state government has drafted a blockchain policy to offer regulations and policy support for blockchain startups in the city. This will majorly help in reflecting India’s position in the global scenario.
As per the policy, blockchain firms can get land at a subsidized rate set by industrial infrastructure corporation. The government will also provide a 25% subsidy on land leasing which will amount to Rs 5 Lakh INR annually. The firm can avail this for the first three years of their running. Even the official spaces for the various companies will be available at subsidized rates.
Adding icing to the cake, the blockchain firms can enjoy relaxation on the annual revenue, investment, and employment creation requirements. The policy also reflects about blockchain research. There will be funding for blockchain institutes and research scholars. Also, there is planning for attracting foreign investments in Indian blockchain firms. An international liaison office will be set up for this purpose. This will incorporate a global exchange of information between India and other nations.
The fate of cryptocurrency in India is yet to be decided. However, this initiation to embrace blockchain is definitely a great move. It will definitely have a positive economic outcome. Also, India will take its presence in the blockchain domain to a new level with this initiative. Much power to India’s first blockchain capital Telangana.