India Blockchain Forum intends to chart the future with governments and regulators

India Blockchain Forum has been founded

The India Blockchain Forum has been established with the goal of making India a global hub for blockchain technology and Web 3.0.

What started as an informal group of key influencers in the Indian Blockchain ecosystem has grown to include over 40 key influencers. The forum intends to establish special interest groups in areas such as central bank digital currency (CBDC), Metaverse, and policy framework for effective blockchain adoption, according to a release on Monday.

Experts in policy drafting, emerging frontiers such as NFTs, Metaverse, and CBDC, cybersecurity, technology architects, global influencers, and leaders in enterprise blockchain and Web 3.0 adoption are among the current members.

Mr Jayesh Ranjan, Industries and IT Secretary, who launched the forum, praised the forum's team for creating an all-inclusive platform for scaling blockchain adoption in India and supporting the ecosystem's growth.

He stated that the Telangana government will soon launch a Web 3.0 regulatory sandbox to allow startups to develop solutions around tokenization, NFTs, and other new frontiers. This sandbox will aid in the development of meaningful dialogue among all stakeholders, including regulators, startups, and policymakers, in order to arrive at a nuanced approach to developing an effective Web 3.0.

India Blockchain Forum intends to chart the future with governments and regulators

According to a local media report, the India Blockchain Forum is forming Special Interest Groups (SIGs) to focus on topics such as central bank digital currencies (CBDCs), the metaverse, non-fungible tokens (NFTs), and others.

The forum intends to establish community chapters throughout India as well as collaborate with academia and research institutes to promote the use of Web3 technologies. Prasanna Lohar, CEO of Block Stack; Pankaj Diwan, Founder and CEO of Idealabs FutureTech Ventures; Col Inderjit Singh, Chief Cyber Security Officer of Vara Technologies; Sharat Chandra, Blockchain Evangelist; and Srinivas Mahankali, Chief Business Officer of Secure Kloud Technologies are among the founding members.

According to the media report, the forum will open membership to stakeholders in order to create the world's largest Web3 community. The Blockchain and Crypto Assets Council (BACC), an advocacy body representing the interests of the Indian crypto industry, was dissolved last month by its parent organisation, the Internet and Mobile Association of India (IAMAI).

IAMAI and some BACC members had disagreements about how to respond to the new crypto trading taxes. From April 1, India imposed a 30% tax on all crypto income, as well as a 1% tax deducted at the point of sale on transactions exceeding 10,000 Indian rupees (approximately US$125).