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

A group of India’s leading blockchain influencers with expertise in trading, NFT, Metaverse, cybercrime, and more, recently announced the establishment of the Indian Blockchain Forum (IBF).

The blockchain advocate group will adopt a collaborative model and work with regulators, governments, industry, and research institutes.

Media reports said the event in Hyderabad in the Indian state of Telangana was attended by the state government’s chief secretary for industry, commerce and information technology. Hyderabad is India’s second largest technology hub after Bengaluru.

IBF to adopt the collaborative model

The newly minted Indian blockchain pro-blockchain says its vision is to make India a global hub for blockchain and web3. It will adopt a model of cooperation and work with governments, regulatory bodies, industry and research institutes for web promotion 3.

IBF adopted a 10-point agenda including building India Blockchain Stack, accelerating startup ecosystem, supporting blockchain technology companies and creating a talent pool for sustainable development of the ecosystem. Thai Blockchain.

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

Media reports say the forum will soon launch a membership group with a mission to create the world’s largest web3 community.

State government to promote innovation Web3

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

This sandbox will help create a meaningful dialogue between all stakeholders including regulators, startups and policymakers to achieve an approach,” he said. nuanced approach in developing an effective web 3 framework.

IBF amid India’s Strict Crypto Policy

The launch of the India-focused pro-blockchain forum assumes importance given the growing popularity of cryptocurrency on the one hand and the rigorous approach of regulators and governments on the other.

Recently, India’s financial crime investigation agency, the Law Enforcement Department (ED), froze the bank accounts of WazirX and Vaud for alleged money laundering.

Starting April 1st, India has started levying a whopping 30% capital gains tax and from July 1st, a 1% tax deduction at source on all crypto transactions. These moves have severely affected trading volume.

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