India Opens Blockchain Platform to Aid Web 3 Adoption

India has encountered a lot of regulatory problems with regard to trading and dealing with crypto assets generally. But as a means of keeping up with evolution around the world, a group has begun what they call the Indian Blockchain Forum.

The Goal of Build India for the World

Local Indian media reported that government officials from Telangana came together to launch the blockchain-focused body in Hyderabad. It is said that the main vision is to convert India into a global center in the Web 3 space. News also has it that right now, up to 40 major social influencers are standing members of the blockchain forum.

It is further stated that the new forum is planning to establish special interest and focus groups in sectors such as the central bank digital currency, and the Metaverse. The blockchain forum is equally aimed at getting involved in policy-making processes to enhance the adoption of blockchain technology.

The government of Telangana said it is working to launch a regulatory sandbox for Web 3. The move would make it possible and easy for startups to build solutions that are focused on tokenization, non-fungible tokens, and any other projects.

The sandbox will let startups build smart contracts among their stakeholders. These stakeholders will equally include policymakers and all regulators.

The blockchain forum in India is working to create different community chapters throughout the country so that it can create adequate awareness of the Web 3 technology and educate people on its usage. The forum stated that it is ready to team up with academics and research institutions that are willing to partner with it.

Government Mistrust

The media report has it that the forum will soon make its membership open to different stakeholders in the space. This is in tandem with the forum’s vision of having the largest web 3 community in the world.

While all this goes on, the government of India and the country’s central bank have shown hesitation in allowing a free reign of digital assets within India. Indian government officials had a field day and their voices went loud when Terra’s system collapsed as a result of LUNA’s lost peg.

The Governor of the Reserve Bank of India had said digital assets are a total danger. He said people have to be aware of the emerging risks it poses to the financial market.

The Governor, however, acknowledged that the technology behind digital assets has great potential. He said the technology has supported the financial environment and its positive sides can be taken into the industry.