Indian Government Launches Investment Nanny for Blockchain and Web3

Briefly:

  • Indian state of Thalanga launches sandbox startup India Blockchain Accelerator
  • They will support companies from different industries that implement blockchain
  • Telingana plans to “become the capital of blockchains”

The government of the Indian state of Telanga launches a special program India Blockchain Accelerator. Its goal is to support Web2 and Web3 startups in the early stages of development. The program also includes assistance to blockchain providers if their work is related to solving new problems.

Project details

India Blockchain Accelerator will be powered by crypto exchanges CoinSwitch Kuber and Lumos Labs. According to the official announcement, the main goal is to accelerate the implementation of blockchain in the state. Therefore, they will support Web2 and Web3 startups and blockchain developers.

The startup hub will accept companies from various business areas. These are fintech, entertainment, insurance, infrastructure, logistics and healthcare. Also, the Telangana state government will develop a regulatory framework for new technologies.

The government is currently exploring various options for using NFT tokens, decentralized finance (DeFi) and other cryptocurrency innovations. They plan to recruit about 116 000 people in the next 3-4 quarters.

The CEO of CoinSwitch Kuber said he dreams of turning Telangana into the capital of blockchains. To do this, they will pay maximum attention to expanding the Web3 infrastructure.

Cryptocurrencies in India

India’s crypto regulation remains uncertain. In early December, the authorities announced that they would not completely ban cryptocurrency, but they want to regulate the market. But it looks like these rules will be extremely harsh. Local journalists gained access to official government correspondence. It talks about plans to force cryptocurrency owners to transfer their assets to state-controlled exchanges.

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