India Launches Blockchain Forum to Boost Web 3.0 Adoption

India, as a nation, has faced multiple regulatory challenges regarding the trading and trading of digital assets. However, in order to keep up with developments in the global industry, a group of key influencers have launched India Blockchain Forum.

Will the blockchain forum drive Web 3.0 adoption?

According to reports, government officials from Telangana started the blockchain organization in Hyderabad with the vision of making India a global hub in the web 3.0 industry. He mentioned that so far around 40 key influencers have joined the forum.

He added that the Blockchain forum aims to create special interest groups in areas such as Metaverse and central bank digital currency (CBDC). The blockchain forum also aims to get into policy making for effective blockchain adoption.

The Telangana government has said it will unveil a Web 3.0 regulatory sandbox. This will allow startups to create solutions around tokenizations, NFTs and other projects. The sandbox will allow them to establish contacts between stakeholders, in particular regulators and decision makers.

India Blockchain Forum aims to create community chapters across the country to raise awareness about Web 3.0. He added that the group is willing to partner with universities and some research institutions.

According to the report, the Blockchain Forum will open its membership to stakeholders. This will launch their mission to create the largest Web 3.0 community in the world.

The Indian government supports new technologies?

Meanwhile, the Indian government and the Central Bank have been hesitant about the use of digital assets in the country. The voice of government officials is gaining strength as the global crypto market crashed due to the collapse of Terra LUNA.

Earlier, the RBI Governor said the asset class is in complete danger and we need to be aware of the emerging risk in the market. He added that the technology involved holds great potential. This technology has supported the financial sector and its positives should be absorbed by the industry.

Melvin B. Baillie