How India is shaping the blockchain ecosystem for the world as a leader

How India is shaping the blockchain ecosystem for the world as a leader

By Sakina Arsiwala

India ranks 75th as one of the most promising economies in the world whose young population, innovation and technological capabilities are among its most valuable assets. It is the world’s second largest internet consumer, after China, and is rolling out its carpet for 5G technology which is likely to roll out in the coming months. India has long used technology to solve its complexities and benefit society as a whole. The rapid transformation into a digital economy has shown the world how to take advantage of pioneering initiatives such as digital india and e-governance for economic resilience. Today, the country stands on the cusp of digital transformation and has a great opportunity to lead policy formations in emerging technologies such as Web3, cryptocurrency, and blockchain.

Since Web3 technology is new, concerns have been raised about it in terms of safety, privacy, and financial risks, and they are valid and expected. At this juncture, it makes sense to critically analyze and explore all viewpoints before finalizing the formation of any regulatory framework. It is very encouraging that the Indian government has taken the right step by taxing cryptocurrency trading instead of pursuing a complete ban. This keeps the space for dialogue and development open, and it also keeps India ahead in the global technology race. To contribute to the blockchain technology ecosystem and its comprehensive application, the Indian government has launched a website as a blockchain technology hub in India.

By the time India became a dominant force by developing a robust Indian Information Technology Enablement Services (ITES) sector, the West had already made a huge leap in the high-tech field by seizing or seizing the massive opportunities presented during the rise of internet-enabled technologies. As Web3 is still in the process of being evolving around the world, India has the best chance by all means necessary to create a robust policy framework around Internet governance and commerce.

According to a recent FICCI-EY report, the opportunities for India in Web3, blockchain, crypto and NFTs are enormous. The report predicts that Web3 and blockchain are essential to India’s growth as an economic superpower, and can add $1.1 trillion to India’s GDP by 2032. Similarly, NFTs are expected to grow into a market of $1 trillion or more. It is important to note that India has come the distance from 100 million internet users to one billion in less than a decade. With opportunities just around the corner, India can’t afford to miss the bus. There is a strict need to form a proactive policy around Web3 and emerging technologies. Moreover, having the right vision can prevent brain drain and talent migration to other countries. The government needs to encourage and support Web3 entrepreneurs in setting up and scaling up their projects for Atmanirbhar Bharat in this emerging space.

In addition, the decentralized nature of cryptocurrencies has enabled content creators who are now able to directly interact with audiences, earn and contribute to the development of the creators economy in India. The creators economy has recently grown to INR 1,300 crore as small, medium and global brands navigate the digital space and interact with content creators. India has solidified its position in the startup scene and is currently the third largest startup ecosystem globally. The great potential presents a huge opportunity for startups working in Web3. According to a NASSCOM report, more than 8 jobs could be created in India in this sector by 2030, which makes it imperative to eliminate policy bottlenecks with a strong and clear framework.

India has to decide on standards, policies and protocols to lay the foundation for the development and rise of cutting edge technologies. As India becomes a major partner in global conversations, it has an important role to play as the world transitions to the Web3 ecosystem. India has the talent, resources and vision to be a global technology leader. The time is right and opportune for Indian policy makers to accelerate India’s rise in Web3 with a clear roadmap for future opportunities.

The writer is Co-founder, Taqi

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