The Indian Blockchain Forum just got formed by a group of leading Indian blockchain influencers with expertise in trading, NFT, Metaverse, and cybercrime, among others.

Hyderabad is the second-largest tech hub in India, after Bengaluru. The India Blockchain Forum will open membership to all stakeholders with a mission to create the world’s largest web3.0 community.

It was launched by Jayesh Ranjan, Principal Secretary, Industry & Commerce and Information Technology, Government of Telangana.

The forum has more than 40 influencers and is setting up Special Interest Groups (SIGs) in areas such as CBDC, Metaverse, Policy framework and NFTs for blockchain and Web3.0 adoption.

IBF Backed by Collaborative Support

The Indian blockchain Forum said its vision is to make India the global hub for Web3, Tech and Blockchain. It promises to adopt a collaboration model and work with the official regulators, the Indian Government, Industries, and Research Institutes to promote web3.

To affirm its goals in making India stand out in the tech and decentralized community, the Indian blockchain Forum adopted a 10-point plan which included building an India Blockchain Stack, accelerating the startup ecosystem, supporting blockchain tech brands, and creating a talent hunt opportunity to sustain it Blockchain Ecosystem.

The State Decision on Web3 

Jayesh Ranjan, the Principal Secretary, Industry & Commerce and Information Technology for the Government of Telangana said the state government would prepare to release a regulatory sandbox promoting Web3 applications. 

This will allow startups to embrace the Indian space, and build blockchain solutions around NFTs, tokens, and other applications.

“This sandbox will help create a meaningful dialogue amongst all the stakeholders including regulators, startups, and policymakers to arrive at a nuanced approach in evolving an effective web 3 framework,” he said.

The Indian State is completely backing web3, its innovations and Blockchain technology adoption.

Indian Policy and Crypto

The launch of the Indian-focused cryptocurrency advocacy forum believes it will maintain relevance due to the growing popularity of digital currencies. However, there lies an underlying point of consideration, the Indian State Crypto Policy.

India on a greater scale is one country with strict regulations and crypto monitoring policies regulated by the governments.

On April 1st, India began levying a hefty 30% capital gains tax and, from July 1st, a 1% tax deduction at source for all crypto transactions. 

These moves have severely impacted the trading volume and also set the tech community on alert for impending policies.

Recently, the Indian Enforcement Agency, the Directorate of Enforcement, froze the bank accounts of WazirX on grounds of money laundering charges.

Does the Indian Blockchain Forum (IBF) have anything to worry about as it’s not an exchange but a crypto community?

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