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Indian state government to accredit Web 2.0 and Web 3.0 blockchain startups

The state government of Telangana announced the launch of the India Blockchain Accelerator program to foster early-stage Web 2.0 and Web 3.0 startups and blockchain developers aimed at solving real-world challenges. The program will be launched in partnership with unicorn crypto exchange CoinSwitch Kuber and Lumos Labs, a technology innovation management firm. In a dialogue with Cointelegraph, Rama Devi Lanka, the director of emerging technology and officer on special duty (OSD), ITE&C department, government of Telangana, highlighted the state’s intent to adopt blockchain projects across multiple use cases:According to the official announcement, the state government’s four-month blockchain accelerator initiative will be open to early-stage Web 2.0 and Web 3.0 startups and blockchain developers. The program seeks blockchain-based solutions for real-world problems across various business verticals, including fintech, entertainment, sustainability, infrastructure and tooling, agritech, logistics and healthcare:Lanka also disclosed the government’s ongoing efforts in identifying various use cases in nonfungible tokens (NFTs), decentralized finance (DeFi) and other crypto initiatives for mainstream implementation. Acknowledging a bullish intent towards leveraging the upcoming blockchain innovations, she said:Lumos Labs co-founder Kaavya Prasad resonated similar sentiments as she highlighted the state government’s openness to new blockchain initiatives. She stressed the need for greater interest towards pilots and production-ready applications:Additionally, CoinSwitch Kuber founder and CEO Ashish Singhal said that the best future global startups would run on Web 3.0 blockchain infrastructure, focusing on India’s potential to become a net exporter of technology:Related: India to regulate, not ban, crypto: Cabinet documentsA recent report suggested that the Indian government will not impose a blanket ban on cryptocurrencies. According to Indian news outlet NDTV, a note from the Cabinet meeting related to the crypto bill hinted towards an upcoming regulation. As Cointelegraph reported, local reporter Sunil Prabhu said that the note contained suggestions to regulate cryptocurrencies as crypto assets, with the Securities and Exchange Board of India (SEBI) overseeing the regulation of local crypto exchanges.

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