India Launches Blockchain Forum with Vision to Become Global Blockchain Hub

More than 40 key influencers of the Indian blockchain system have formally launched the Indian Blockchain Forum, Indian media reported. “India Blockchain Forum has been started with a vision to make India a global hub for Blockchain and Web3.0,” according to the forum.

The forum said that it intends to set up special interest groups in areas like central bank digital currency (CBDC), the metaverse and policy framework for effective blockchain adoption.

The Indian Blockchain Forum was launched by Jayesh Ranjan, principal secretary of the Industry & Commerce and Information Technology, Government of Telangana.

According to media reports, Ranjan said the Telangana government will launch a Web 3.0 regulatory sandbox soon to allow startups to build solutions around tokenization, NFTs, and similar new frontiers.

“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 3.0 framework,” he said.

Indian Blockchain Forum Is Working on a Ten-Point Agenda

The local media reported that the forum has created a comprehensive ten-point agenda and shall serve as a unified platform for building India’s blockchain stack, policy advocacy, accelerating the start-ups ecosystem, supporting blockchain technology companies, creating a talent pool, collaborating with academia, global collaboration, and more.

The founding members, that began the blockchain forum as an informal group of key influencers of the Indian Blockchain ecosystem include Prasanna Lohar, chief executive officer (CEO) of Block Stack; Pankaj Diwan, Founder and CEO of Idealabs FutureTech Ventures; Col Inderjit Singh, Chief Cyber Security Officer of Vara Technologies; Sharat Chandra, Blockchain Evangelist; and Srinivas Mahankali, Chief Business Officer of Secure Kloud Technologies.

Prasanna Lohar, Co-Founder and President of India Blockchain forum said, “SucSeed Indovation will provide funding to startups discovered by India blockchain forum and will mentor the startups invested by SucSeed indovation.”

On the Flipside

  • India has seen a rise in crypto scams lately. While more policy and regulation around crypto is required in the country, the Indian finance minister has called for caution around crypto investments.

Why You Should Care

The Indian Blockchain Forum is setting up Special Interest Groups (SIGs) in areas such as CBDC, metaverse, policy framework, etc. for effective blockchain adoption.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Akriti is a Zurich-based reporter, focused on the political, regulatory, and legislative developments around crypto. She is a business journalist with over six years of experience working as a correspondent for organizations like Channel NewsAsia and Bloomberg TV India. In that time, Akriti has covered news in the finance, pharma, and state sectors.