blockchain, crypto

Indian state govt to recognise Web2 and Web3 blockchain startups

Telangana’s state government has announced the launch of the India Blockchain Accelerator program. Which will support early-stage Web2 and Web3 blockchain startups. As well as blockchain developers who are working to solve real-world problems. The program will be launched in collaboration with CoinSwitch Kuber. A unicorn crypto exchange, and Lumos Labs, a technology innovation management company.

Rama Devi Lanka, Director Emerging Technology and Officer on Special Duty (OSD), ITE&C Department, Government of Telangana, spoke about the state’s intention to adopt blockchain projects for a variety of use cases:

“Some of the interesting use cases that the state has already piloted in Blockchain include – T-Chits (Chit funds in Blockchain), Supply Chain (Seed Traceability), E-voting (Digital Voting platform built using Blockchain and AI) and more.”

The state government’s four-month blockchain accelerator initiative will be open to early-stage Web2 and Web3 blockchain startups as well as blockchain developers. According to the official announcement. The program seeks blockchain-based solutions for real-world problems in fintech, entertainment, sustainability, infrastructure and tooling, agritech, logistics, and healthcare, among other business verticals:

“The Telangana Government will help provide the required regulatory framework to enable and promote blockchain growth.”

Lanka also revealed ongoing NFT efforts

Lanka also revealed the government’s ongoing efforts to identify various use cases for nonfungible tokens (NFT), decentralized finance (DeFi). And other crypto initiatives in preparation for mainstream adoption. She acknowledged a bullish intention to take advantage of upcoming blockchain innovations, saying:

“The government of Telangana is also focusing on developing and supporting a large scale of the Indian Blockchain talent pool. Hopefully, of around 100K in the next 3-4 quarters.”

Similar sentiments were expressed by Lumos Labs co-founder Kaavya Prasad, who emphasized the state government’s openness to new initiatives. She emphasized the importance of a greater focus on pilots and production-ready applications:

“A collaborative effort from various State Governments will further accelerate the growth of this space. And we would be able to have more streamlined progress.”

Furthermore, CoinSwitch Kuber founder and CEO Ashish Singhal stated. That the best global startups of the future would run on Web3 infrastructure, highlighting India’s potential to become a net exporter of technology:

“As part of the Indian Crypto industry, we shall endeavor to collaborate with the state government to work towards the vision of making Telangana the blockchain capital of the country. ”

According to a recent report, the Indian government is unlikely to impose a blanket ban on cryptocurrencies. A note from a Cabinet meeting related to the crypto bill. In addition, according to an Indian news outlet NDTV, hinted at an upcoming regulation.

Moreover, local reporter Sunil Prabhu told that the note suggested that cryptocurrencies be regulated as crypto assets. With the Securities and Exchange Board of India (SEBI) overseeing the regulation of local crypto exchanges.