Indian state government recognizes Web2 and Web3 blockchain startups

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The Telangana state government announced the launch of the Indian Blockchain Accelerator Program to cultivate early Web2 and Web3 startups and blockchain developers aimed at solving real-world challenges. The plan will be launched in cooperation with the unicorn cryptocurrency exchange CoinSwitch Kuber and technology innovation management company Lumos Labs.

In a conversation with Cointelegraph, Rama Devi Lanka, Director of Emerging Technologies and Director of Special Duties (OSD), Telangana Government’s ITE&C Department, highlighted the state’s intention to adopt blockchain projects in multiple use cases:

“Some of the interesting use cases that the state has already piloted in the blockchain include-T-Chit (Chit funds in the blockchain), supply chain (seed traceability), electronic voting (built using blockchain and artificial intelligence) Digital voting platform) and so on. ”

According to the official announcement, the state government’s four-month blockchain accelerator program will be open to early Web2 and Web3 startups and blockchain developers. The plan seeks blockchain-based solutions to solve practical problems in various vertical business areas, including financial technology, entertainment, sustainability, infrastructure and tools, agricultural technology, logistics, and healthcare:

“The Telangana government will help provide the required regulatory framework to enable and promote blockchain growth.”

Lanka also disclosed that the government is working to identify various use cases for non-fungible tokens (NFT), decentralized finance (DeFi) and other cryptocurrency programs for mainstream implementation. She acknowledged her bullish intention to take advantage of the upcoming blockchain innovation, she said:

“The Telangana government is also focusing on developing and supporting a large-scale Indian blockchain talent pool, and hopes to reach about 100,000 in the next 3-4 quarters.”

Kaavya Prasad, the co-founder of Lumos Labs, expressed a similar view when emphasizing that the state government is open to new blockchain initiatives. She emphasized the need for greater interest in pilot and production-ready applications:

“The joint efforts of the state governments will further accelerate the development of this field, and we will be able to make more streamlined progress.”

In addition, Ashish Singhal, founder and CEO of CoinSwitch Kuber, stated that the best global startups in the future will run on the Web3 blockchain infrastructure, focusing on India’s potential to become a net exporter of technology:

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

related: India regulates rather than prohibits encryption: Cabinet documents

A recent report indicated that the Indian government will not ban all cryptocurrencies. According to the Indian news media NDTV, a statement related to the encryption bill at the cabinet meeting hinted at upcoming regulations.

As reported by Cointelegraph, local reporter Sunil Prabhu stated that the note contains recommendations for the regulation of cryptocurrencies as encrypted assets, and the Securities and Exchange Commission of India (SEBI) is responsible for overseeing the supervision of local crypto exchanges.