India to become a Web3 Global Hub with the launch of a promising Blockchain Forum

India will become the world’s center for blockchain and web3 technology, according to the recently established Indian blockchain advocacy platform. The India Blockchain Forum (IBF) was recently announced by a group of prominent Indian blockchain influencers with experience in trading, NFT, Metaverse, cybercrime, etc.

According to media reports, Jayesh Ranjan, the state’s principal secretary for industry, commerce, and information technology, attended the event in Hyderabad, India’s second-largest tech hub.

To advance web3, it will use a collaborative approach and cooperate with the executive branch, regulatory bodies, industry, and academic institutions.

According to the news report, the IBF has chosen a 10-point agenda that includes developing an India Blockchain Stack, speeding up the startup environment, assisting blockchain technology firms, and building a talent pool for the long-term development of the blockchain ecosystem.

Special interest groups (SIGs) on topics like CBDC, Metaverse, and policy framework will be formed using a pool of influencers with knowledge in various blockchain areas.

IBF aims to make India a Web3 global hub 

According to media sources citing the forum’s PR from the event, a membership drive will shortly be launched with the goal of building the largest web3 community in the world.

Ranjan, who established the Indian blockchain advocacy organization, announced that the Telangana state government intended to support web3 applications by releasing a regulatory sandbox. It will assist startups in developing blockchain solutions for NFTs, tokens, and other uses. He stated:

“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 web3 framework.”

Given the rising popularity of cryptocurrencies and the strict stance taken by authorities and governments, the inauguration of the India-focused blockchain advocacy forum assumes relevance.

The Directorate of Enforcement has lately begun looking into ten cryptocurrency exchanges’ involvement in money laundering operations after the government’s heavy 30% capital gains tax and 1% tax deduction at source (TDS) imposition on all cryptocurrency transactions.