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.
“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.
“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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