Web2 and Web3 blockchain startups will be accredited by the Indian state government.

Web2 and Web3 blockchain startups will be accredited by the Indian state government.In collaboration with CoinSwitch Kuber and Lumos Labs, Telangana will start a blockchain accelerator programme.

Telangana's state government has announced the creation of the India Blockchain Accelerator programme, which will support early-stage Web2 and Web3 firms as well as blockchain engineers who are working to solve real-world problems. The initiative will be launched in collaboration with CoinSwitch Kuber, a unicorn crypto exchange, and Lumos Labs, a technology innovation management company.

Rama Devi Lanka, Director Emerging Technology and Officer on Special Duty (OSD), ITE&C Department, Government of Telangana, spoke on the state's plans to implement blockchain projects in a variety of applications:

“Some of the interesting use cases that the state has already piloted in Blockchain include - T-Chits (Chit funds in Blockchain), Supply Chain (Seed Traceability), E-voting (Digital Voting platform built using Blockchain and AI) and more.”

The state government's four-month blockchain accelerator effort will be open to early-stage Web2 and Web3 firms as well as blockchain developers, according to the official statement. The initiative seeks blockchain-based solutions for real-world problems in fintech, entertainment, sustainability, infrastructure and tools, agritech, logistics, and healthcare, among other business verticals:

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

Lanka also disclosed the government's ongoing efforts into identifying various use cases in nonfungible tokens (NFT), decentralized finance (DeFi) and other crypto initiatives for mainstream implementation. Acknowledging a bullish intent towards leveraging the upcoming blockchain innovations, she said:

“The government of Telangana is also focusing on developing and supporting a large scale of the Indian Blockchain talent pool, hopefully, of around 100K in the next 3-4 quarters. ”

Similar comments were expressed by Lumos Labs co-founder Kaavya Prasad, who emphasised the state government's openness to new blockchain efforts. She emphasised the importance of a stronger focus on pilots and production-ready applications:

“A collaborative effort from various State Governments will further accelerate the growth of this space and we would be able to have more streamlined progress.”

Additionally, CoinSwitch Kuber founder and CEO Ashish Singhal said that the best global startups of tomorrow would run on Web3 blockchain infrastructure, focusing on India's potential to become a net exporter of technology:

“As part of the Indian Crypto industry, we shall endeavor to collaborate with the state government to work towards the vision of making Telangana the blockchain capital of the country. ”

According to a recent report, the Indian government is unlikely to impose a blanket ban on cryptocurrencies. A letter from a Cabinet meeting connected to the crypto bill, according to Indian news site NDTV, hinted at an imminent regulation.

The paper featured ideas to regulate cryptocurrencies as crypto assets, with the Securities and Exchange Board of India (SEBI) monitoring the regulation of local crypto exchanges, according to local reporter Sunil Prabhu.

 

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