Indian State Government Recognizes Web2 and Web3 Blockchain Startups

Indian State Government Recognizes Web2 and Web3 Blockchain Startups. Telangana will launch a blockchain accelerator in collaboration with CoinSwitch Kuber and Lumos Labs.

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The government of Telangana state has announced the launch of India’s Blockchain Accelerator program to accelerate startups and develop blockchains in the early stages of the World Wide Web2 and World Wide Web3 to address real-world challenges. The program is being implemented in collaboration with the unicorn cryptocurrency exchange CoinSwitch Kuber and Lumos Labs, a technology innovation management company.

In a dialogue with Cointelegraph, Rama Devi Lanka, Director of Emerging Technologies and Special Missions Officer (OSD), ITE & C Department, Government of Telangana, highlighted the state’s intention to take on blockchain projects for several use cases:

“Some of the interesting use cases that the state has piloted in blockchain include – T-Chits (Chit Fund in Blockchain), Supply Chain (Seed Traceability), E-Voting (Punch Platform). Digital coupons created with blockchain and AI) and more. ”

According to the official announcement, the state government’s 4-month blockchain acceleration initiative will be open to start-ups in the World Wide Web2 and Internet3 and to early-stage blockchain developers. The program seeks blockchain-based solutions to real-world problems in various business areas, including fintech, entertainment, sustainability, infrastructure and tools, agricultural technology, logistics and healthcare:

“The government of Telangana will help provide the necessary regulatory framework to enable and promote blockchain development.”

Lanka also revealed the government’s ongoing efforts to identify various use cases in unusable tokens (NFTs), decentralized finance (DeFi), and initiatives. Other cryptocurrencies for mainstream use. Recognizing the bullish intent to capitalize on upcoming blockchain innovations, she said:

“The Telangana government is also focused on the large-scale development and support of India’s blockchain talent pool, which is hopefully around 100,000 over the next 3-4 quarters. ”

Lumos Labs co-founder Kaavya Prasad was also well received when she highlighted the state government’s openness to new blockchain initiatives. She emphasized the need to pay more attention to pilots and production-ready applications:

“A joint effort by the various state governments will further accelerate the growth of this area and we will be able to make more sensible progress.”

Additionally, CoinSwitch Kuber Founder and CEO Ashish Singhal said that tomorrow’s best global startups will run on the World Wide Web3 blockchain infrastructure and focus on their potential to become India’s network technology exporter:

“As part of the Indian crypto industry, we will work with the state government on our vision of making Telangana the country’s blockchain capital. ”

Related: Indian Regulates, Not Bans, Cryptocurrencies: Cabinet Documents

A recent report suggests that the Indian government will not impose a comprehensive ban on cryptocurrencies. According to the Indian news agency NDTV, a note from a cabinet meeting on the cryptocurrency law indicates impending regulation.

As reported by Cointelegraph, local reporter Sunil Prabhu said the note made proposals to regulate cryptocurrencies as crypto assets, with the Securities and Exchange Commission of India (SEBI) overseeing the regulation of local cryptocurrency exchanges.