Telangana Government Joins Forces With Bharat Web3 to Boost Blockchain Initiatives

The initiative has been undertaken by the Telangana government's Information, Technology, Electronics, and Communication Department (ITECD).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 23 February 2023 13:42 IST

Telangana Government Joins Forces With Bharat Web3 to Boost Blockchain Initiatives

Photo Credit: Unsplash/ Shubham Dhiman

India, while is sceptical about dabbling in crypto, remains interested in blockchain

Highlights

Bharat Web3 Association is a crypto advocacy body
WazirX, CoinSwitch are part of Bharat Web3 Association
Telangana government aims to lead blockchain exploration in India

The Telangana government has signed a memorandum of understanding (MoU) with the Bharat Web3 Association to stir discussions around the blockchain technology. The India-centric crypto advocacy organisation, that was formed in November last year, has crypto players like CoinSwitch Kuber and WazirX among others as participatory members. As part of this fresh partnership, the Telangana government is looking at creating a nurturing ecosystem for Web3 developers and players to boost the growth of the overall blockchain industry.

The initiative has been undertaken by the Telangana government's Information, Technology, Electronics, and Communication Department (ITECD).

Jayesh Ranjan, the Principal Secretary to Government of Telangana as well as Rama Devi Lanka, the Director of Emerging Technologies for the state of Telangana were present for the signing of this MoU alongside Kiran Vivekananda, the Chief Policy Officer at CoinDCX who also serves as the Director of the Bharat Web3 Association.

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“The sandbox will facilitate access to the relevant data, users and more importantly suggest recommendations on the regulatory changes to be made that will spur innovation in the Web3 ecosystem accelerating greater participation and collaboration. Telangana is well-positioned to become a leader in the Web3 space, and we are committed to supporting its growth and development,” Lanka said in an official statement.

The Telangana government has indeed, been accelerating efforts to explore blockchain as a technology. Based on the distributed ledger system, the blockchain technology makes for the underlaying support for Web3 elements like cryptocurrencies, NFTs, as well as the metaverse.

Back in December 2021, the Telangana government inked deals with crypto exchange CoinSwitch Kuber and innovation management firm Lomos Labs to launch a ‘Blockchain Accelerator' plans to give Web3 startups the necessary assistance to succeed.

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“We believe that this partnership is a key step towards realizing the full potential of this cutting-edge technology and we look forward to playing an active role in its development and implementation,” said Ashish Singhal, Co-founder and CEO, CoinSwitch commenting on this fresh MoU.

The role of the Bharat Web3 Association in this partnership will be to designate a dedicated point of contact to facilitate the implementation of Web3-related policies.

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Further reading: Cryptocurrency, Web3, Telangana, Bharat Web3 Association

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More