India Blockchain Forum launched to develop Web3 hub in Telangana state

The India Blockchain Forum formed to develop India as a global blockchain and Web 3.0 hub, was launched on 21st August, 2022 in Hyderabad by Jayesh Ranjan, IT Secretary, Government of Telangana state.

The forum announced a 10-point agenda that includes building an Indian Blockchain Stack, accelerating blockchain startups, a blockchain use case repository, policy advocacy, and collaboration with academia and research institutions to create a talent pool for the blockchain ecosystem.

“We will work with governments, regulators, the industry, and academia to build a holistic framework to promote the adoption of Blockchain and Web3.0,” said Jayesh Ranjan. He also expressed state government plans to release a regulatory sandbox to promote web 3 applications.

Initiated as an informal association of over 40 key blockchain players in the country, members include Prasanna Lohar (CEO, Block Stack), Col. Inderjit Singh, Srinivas Mahankali (CBO, Secure Kloud), Pankaj Diwan (CEO, Idealabs FutureTech Ventures), and Sharat Chandra (Blockchain Evangelist).

Despite extreme market volatility, regulatory ambiguity and hefty taxes, 115M Indians (39% below the age of 30) have invested in crypto with an optimistic sentiment, according to a KuCoin report.

To leverage the obvious potential, the forum intends to tackle knowledge, regulation, and security barriers to crypto adoption in India. Special interest groups on CBDC, Metaverse, and policy framework are speculated.