As preference and use for cryptocurrency and blockchain increases, several countries are devising numeral measures to fit into the industry. As a result, diverse regulatory approaches have been leased into the crypto industry for different jurisdictions.
While some take a strict position resulting in a complete ban of crypto assets in their region, others are still skeptical and reluctant to step into the crypto space. Hence, there are places where cryptocurrency has a partial ban on its use and application.
India has not fared quite well in the crypto space. The country has battled many crypto regulatory issues on trading and other transactions with virtual assets. In addition, the Indian government and its Central Bank have shown cold feet regarding using crypto assets.
The collapse of the Terra-LUNA ecosystem that negatively affected the broader crypto market resulted in more opposing forces from government officials. RBI Governor stated that the digital assets are full of danger. Hence, people should be cautious of the high risk within the crypto market.
Cryptocurrency market still trends in bearish zone | Source: Crypto Total Market Cap on TradingView.com
Despite the odds of interacting with digital assets, India is still putting more effort into formularizing with cryptocurrency. The nation does not want to leave behind the growth evolution, and possibilities surrounding the virtual space.
In a recent development, some top influencers in India launched a Blockchain Forum to keep up with the spur of the time. Our source stated that some officials from the Telangana government in Hyderabad are behind this development.
According to the report, the launch of the blockchain organization targets to put India at the forefront within the Web3 section in digital space. Currently, the digital Forum already has up to 40 key influencers who joined as its members.
Aim Of Indian Blockchain Forum
The Blockchain Forum is committed to creating community chapters within India to spread more awareness of Web 3. Also, the Forum plans to collaborate with academia and other research institutions for more significant achievements.
Additionally, through the Blockchain forum, it would become easier to engage in policy-making ensuring efficient blockchain technology adoption. Also, it would spike the interest of people in India in different sectors in the virtual space. These include a move into the Metaverse and the central bank digital currency (CBDC).
The Forum will soon throw its doors open for membership from different stakeholders. This is part of its objectives in developing the largest Web3 interactive forum.
In facilitating this new move, the government of Telangana plans to unveil a Web3 regulatory sandbox. This would support new projects and applications focusing on tokenization, NFTs, and others. Also, through the sandbox, developers will easily establish more contacts with stakeholders that would cut across policymakers and regulators.
Featured image from Pixabay, chart from TradingView.com