Telangana’s state government has announced the creation of the India Blockchain Accelerator program. Which will support early-stage Web2 and Web3 firms as well as blockchain developers working on real-world problems. The program will be available in collaboration with CoinSwitch Kuber, a unicorn crypto exchange, and Lumos Labs, a technology innovation management business.
In fact, Rama Devi Lanka, Director Emerging Technology and Officer on Special Duty (OSD), ITE&C Department, Government of Telangana, emphasised the state’s intention to adopt blockchain projects for a variety of applications:
“T-Chits (Chit funds in Blockchain), Supply Chain (Seed Traceability), E-voting (Digital Voting platform constructed using Blockchain and AI) and more are some of the fascinating use cases that the state has already piloted in Blockchain.”
The initiative is looking for blockchain-based solutions to real-world issues
The state government’s four-month blockchain accelerator program will be open to early-stage Web2 and Web3 firms. As well as blockchain developers, according to the official statement. The initiative is looking for blockchain-based solutions to real-world issues in a variety of industries. Fintech, entertainment, sustainability, infrastructure and tooling, agritech, logistics, and healthcare are just a few of the industries covered.
“The Telangana government will assist in establishing the regulatory framework necessary to support and foster blockchain growth.”
Lanka also revealed the government’s ongoing efforts to discover numerous use cases for nonfungible tokens (NFT), decentralised finance (DeFi), and other crypto initiatives in preparation for widespread adoption. She acknowledged a bullish intention to take advantage of impending blockchain technologies, saying:
“In the next three to four quarters, the Telangana government is focussing on building and supporting a major scale of the Indian Blockchain talent pool, hopefully of over 100K.”
Similar comments expressed by Lumos Labs co-founder Kaavya Prasad. Who emphasised the state government’s willingness to embrace new blockchain projects. She emphasised the importance of a stronger focus on pilots and production-ready apps:
“A combined effort from several state governments will help to expedite the expansion of this field. And allow us to make more efficient progress.”
Additionally, Ashish Singhal, the founder and CEO of CoinSwitch Kuber, predicted that Web3 blockchain technology would be used by the top global startups of the future. In light of India’s potential to become a net technology exporter, consider the following:
“As members of the Indian crypto industry, we will collaborate with the state government. In order to achieve the goal of establishing Telangana as the country’s blockchain capital.”
India to regulate cryptos instead of banning them
According to a recent report, India’s government would not implement a blanket ban on cryptocurrencies. A letter from a Cabinet meeting connected to the crypto law, according to Indian news site NDTV, hinted at forthcoming legislation.
According to local reporter Sunil Prabhu, the paper featured recommendations to regulate cryptocurrencies as crypto assets. With the Securities and Exchange Board of India (SEBI) managing local crypto exchange regulation.