“web3 is the future of the internet” Indian government announces support for Web3 startups

Fostering Web3 innovation from India

Rajeev Chandrasekhar, India’s Minister of State for Electronics and Technology, stated on the 6th, “The Indian government has positioned blockchain technology as an important field and will focus its efforts on supporting startups working on Web3.”

Chandrasekhar said:

In August of this year, Japan’s Financial Services Agency announced its “Financial Administration Policy” aimed at making Japan a nation built on asset management, including Web3 and crypto assets (virtual currencies).

connection: Financial Services Agency announces “Financial Administration Policy” aimed at realizing a nation built on asset management, including Web3 and crypto assets

Public-private collaboration incubation center

Mr. Chandrasekhar also explained the efforts made so far. In March 2020, he noted the establishment of a Center of Excellence (CoE) focused on blockchain technology.

The CoE is a technology center established in collaboration with the Ministry of Electronics and Communication Technology of India, the Haryana State Government, and private companies such as IBM and Intel. Its role is to evaluate blockchain startup companies, and it also provides incubation facilities.

Additionally, the Ministry of Electronics and Communication Technology has also launched a blockchain training program called “FutureSkills Prime,” which has had 1,999 participants so far. In addition, more than 1,000 government employees are also said to have received blockchain training.

Mr. Chandrasekhar also said that the ministry will support startups with technology and entrepreneurship development, startup support in areas such as product innovation, and international patent support.

Virtual currency situation in India

At one point, there was the possibility that a bill to ban virtual currencies would be introduced in India. However, it changed its direction to align itself with the international community, and in September announced that it would discuss policy directions with support from the G20 for a supervisory framework for virtual currencies.

One government official also said, “It is very difficult for one country to ban virtual currencies if other countries have not banned them,” and the possibility of a ban in the future seems to have decreased. .

connection: Indian government to decide on policy direction regarding virtual currency following G20 agreement

Parliamentary Affairs Minister Jayant Sinha of India’s ruling Bharatiya Janata Party has said he does not expect a crypto-specific bill to be introduced in parliament any time soon.

As background, he cited the prediction that elections will be held in the United States, United Kingdom, India, and other countries in 2024, and that the development of virtual currency standards will stall. Furthermore, it is necessary to assess the aftermath of FTX’s bankruptcy.

In India, although the regulatory policy for virtual currencies has not yet been determined, the use of virtual currencies in the private sector is thriving. India ranked first in the 2023 ranking of countries that use virtual currency on a daily basis, announced by blockchain analysis firm Chainalysis.

connection: “Country that uses virtual currency on a daily basis” India ranks first in Chainalysis 23rd year ranking

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