Newly-Launched Blockchain Forum Aims to Make India Global Hub of Web 3

A group of leading Indian blockchain influencers with expertise in trading, NFT, Metaverse, cybercrime, etc., recently announced the formation of the India Blockchain Forum (IBF).

The event at Hyderabad in India’s Telangana state was attended by the state government’s principal secretary for industry, commerce, and information technology, Jayesh Ranjan, said media reports. Hyderabad is India’s second largest tech hub after Bengaluru.

IBF to Adopt Collaborative Model

The newly-minted Indian blockchain advocacy platform said its vision is to make India the global hub for blockchain and web 3. It will adopt a collaboration model and work with the government, regulators, industry, and research institutes to promote web 3.

IBF has adopted a 10-point agenda that includes building an India Blockchain Stack, accelerating the startup ecosystem, supporting blockchain technology companies, and creating a talent pool for sustainable growth of the Blockchain ecosystem, the coverage said.

The pool of influencers with domain expertise in different blockchain areas will be used to form special interest groups (SIGs) such as on CBDC, Metaverse, and policy framework.

The forum will soon launch a membership drive with a mission to create the world’s largest web3 community, media reports said, citing its PR from the event.

State Govt to Promote Web3 Innovations

Launching the Indian blockchain advocacy platform, Ranjan said the Telangana state government plans to release a regulatory sandbox to promote web 3 applications. It will help startups build blockchain solutions around NFTs, tokens, and other applications.

“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 web 3 framework,” he said.

IBF amid Stringent Indian Crypto Policy

The launch of the India-focused blockchain advocacy forum assumes significance given the growing popularity of cryptocurrencies on the one hand and the stringent approach of the regulators and the governments on the other.

Recently, the Indian financial crime investigating agency, the Directorate of Enforcement (ED), froze the bank accounts of WazirX and Vaud on money laundering charges.

Starting from April 1, India has begun levying a hefty 30% capital gains tax and, from July 1, a 1% tax deduction at source for all crypto transactions. These moves have severely impacted the trading volume.