The India Blockchain Forum (IBF) was recently established by a group of top Indian blockchain influencers who are experts in trading, NFT and cybercrime.
According to media reports, Jayesh Ranjan (the principal secretary of the state government for industry, commerce and information technology) attended the Hyderabad event in India’s Telangana State. Hyderabad is India’s second-largest tech hub, after Bengaluru.
IBF will adopt a collaborative model
Newly-formed Indian blockchain advocacy platform stated its vision to make India the world’s largest hub for web and blockchain. It will work in collaboration with government regulators, industry and research institutes to promote the web 3.
The coverage stated that the IBF adopted a 10-point plan, which includes creating an India Blockchain Stack, supporting startups, accelerating the ecosystem and creating a talent pool to support the Blockchain ecosystem’s sustainable growth.
A pool of influencers who have expertise in blockchain will be used to create special interest groups (SIGs), such as those on CBDC, Metaverse and policy framework.
Media reports claim that the forum will soon launch an enrollment drive, with the mission of creating the largest community on the web3 and citing the event’s PR.
State Govt Promotes Web3 Innovations
Ranjan announced that the Telangana government will release a regulatory sandbox in order to promote web 3 applications. It will assist startups in creating blockchain solutions around tokens and NFTs.
He stated that the sandbox would help to create a meaningful dialog among all stakeholders, including regulators and startups, in order to reach a nuanced approach for developing an effective web 3 framework.
IBF amid Stringent Indian Crypto Policy
Given the increasing popularity of cryptocurrency and the strict approach of governments to regulating them, the launch of India-focused Blockchain advocacy forum is significant.
Recenty, the Directorate of Enforcement, an Indian financial crime investigation agency, froze WazirX’s bank accounts on money laundering charges.
India began imposing a 30% capital gains tax on April 1st and a 1% tax deduction at the source for all crypto transactions starting July 1. These changes have had a severe impact on trading volume.
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