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State in India: Promoting Web2 and Web3 Blockchain Startups

 


Telangana is launching a blockchain accelerator in collaboration with CoinSwitch Kuber and Lumos Labs.

The government of the Indian state of Telangana announced the India Blockchain Accelerator program, which aims to support Web2 and Web3 startups and early-stage blockchain developers. This is intended to solve real challenges. The program is being launched in cooperation with the well-known crypto exchange CoinSwitch Kuber and Lumos Labs, a company for technological innovation management.

In an interview with Cointelegraph, Rama Devi Lanka, the director of threshold technologies at the ITE & C department of the government of Telangana, emphasized that the Indian state is planning to use blockchain projects for various use cases:

"There are some interesting use cases that the state has already tested with blockchain. These include T-Chits (chit funds on the blockchain), supply chains (traceability of seeds), e-elections (digital voting platform based on blockchain and AI) and more."

According to the official announcement, the government's four-month blockchain accelerator program will be available to Web2 and Web3 startups and early-stage blockchain developers. The program looks for blockchain-based solutions to real-world problems in various industries, including fintech, entertainment, sustainability, infrastructure and tools, agricultural technology, logistics and healthcare:

"The government of Telangana wants to create the necessary legal framework to enable and promote the growth of blockchain."

Lanka also spoke about the government's current plans to test various use cases for non-fungible tokens (NFT), decentralized finance (DeFi) and other crypto initiatives for mass implementation. She also reiterated her optimism with regard to new blockchain innovations:

"The Telangana government also wants to set up and support a large pool of Indian blockchain professionals. We hope to have around 100,000 in the next three to four quarters." ”

Lumos Labs co-founder Kaavya Prasad made a similar statement in an interview about the government's openness to new blockchain initiatives. She emphasized that greater interest in pilot projects and production-ready applications was required:

"When different state governments work together, growth in this area will continue to accelerate. It will also allow us to progress more efficiently."

CoinSwitch founder and CEO Kuber Ashish Singhal stated that tomorrow's best global startups would run on the Web3 blockchain infrastructure. He also talked about India becoming a net exporter of technology:

"As part of the Indian crypto industry, we will seek to work with the state government to make the vision of Telangana the blockchain capital of the country a reality." ”

According to a recent report, the Indian government does not want to impose a general ban on cryptocurrencies. According to the Indian news broadcaster NDTV, a message from the cabinet meeting on the crypto law indicates a planned regulation.

As reported by Cointelegraph, local reporter Sunil Prabhu said the announcement contained proposals to regulate cryptocurrencies as a crypto asset. The Indian securities regulator SEBI wants to oversee the regulation of local crypto exchanges.

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