India Blockchain Forum was established with the goal of making India a world centre for blockchain technology and Web3 on August 22. It stated that the forum has about 40 significant influencers with experience in trading, NFT, Metaverse, cybercrime, etc. The launch was attended by Jayesh Ranjan, the Telangana government’s senior secretary for industry, commerce, and information technology in Hyderabad.
The Blockchain forum stated that it wants to create special interest groups in fields like Metaverse and central bank digital money (CBDC). The blockchain forum also seeks to influence the formulation of effective blockchain adoption policies.
A Web 3.0 regulatory sandbox will be unveiled, according to the Telangana government. As a result, startups will be able to develop solutions for tokenization, NFT, and other initiatives as a result. Through the sandbox, they will be able to network with regulators and policymakers, among other stakeholders. The India Blockchain Forum wants to establish community chapters all throughout the nation to raise awareness of Web 3.0. The group is willing to collaborate with academic institutions and some research organisations to do so.
The usage of digital assets in the nation has, however, caused the Indian government and Central Bank to express some reluctance. As a result of the Terra LUNA collapse, which caused the global crypto market to crash.
The RBI Governor previously stated that the cryptocurrencies are utterly dangerous and that we need to be mindful of the new market risk. He continued that the Blockchain technology involved has enormous potential. The financial sector has benefited from this technology, and the sector should take advantage of it.