In terms of dealing with trading and exchange of digital assets, India has faced several regulatory challenges all along. However, with the increasing need to keep up with the ever-evolving global industries, a group of key influencers from the Indian Blockchain Ecosystem came together to form the India Blockchain Forum. They launched this organization in Hyderabad, Telangana.
Personnel who form the founding members of the India Blockchain Forum are:
- Prasanna Lohar, CEO at Block Stack
- Srinivas Mahankali, Chief business officer at Secure Kloud Technologies
- Col. Inderjit Singh, Chief Cyber Security Officer, Vara Technologies
- Pankaj Diwan, Founder & CEO at Idealab’s FutureTech Ventures
- Sharat Chandra, Blockchain televangelist
As of now, around 40 key influencers from the industry are reported to have joined the team.
Effect of Blockchain Forum on Web 3.0 Adoption
Jayesh Ranjan, Principal Secretary at Industry & Commerce and Information Technology, Government of Telangana, launched this forum as per the reports. The government has launched this forum with a vision to place India as a global hub in the Blockchain and Web 3.0 industry.
The report further mentions that the forum aims to develop special interest groups in sectors like Metaverse and Central bank digital currency (CBDC). This forum should establish community chapters nationwide to increase awareness and access to global best practices. It should also be involved in making policies that would aid in the efficient adoption of blockchain.
India Blockchain Forum visualizes developing a collaboration model with the government, the regulators, industry, and academia. This would assist in building a comprehensive foundational structure for appropriate means of widespread adoption of blockchain and web 3.0. The forum will further collaborate with academia and research institutes, nurture the community, and support several corporate systems adopting web 3.0 technologies.
To bring into reality the mission of creating the world’s largest web 3.0 community, India Blockchain Forum is also looking forward to opening its membership for the stakeholders.
While these key blockchain influencers and the Telangana govt’ have come together to support widespread adoption and access to this industry, the Central Indian Govt. and the Central Bank have yet been skeptical about using digital assets in the country. The crypto market collapsed due to the Terra LUNA meltdown strengthening their sense of refusal to accept this new concept.
Earlier, the Governor of the Reserve Bank of India stated that the asset class is a complete danger, and we must acquaint ourselves with the possible risks that have the potential to emerge in the market with this sector. However, despite his skepticism towards this technology, he admitted that the involved technology holds huge potential. He acknowledged that this tech had greatly supported the financial sector, and the industries should absorb its positives.
