India still awaits a Crypto specific legislative bill in order to gain clarity over the future of the digital assets market in the country. A recent memo from the Indian Lok Sabha revealed that the lawmakers are indulging in conversation around the Web3 ecosystem. This comes in at an important period as the digital asset industry seems to be warming up for an upward move from here.
India discusses Web3 in parliament
According to the memo released, Dr. T. Sumathy raised several crucial questions linked to the Indian government’s stance on supporting startups in the Web3 sector. However, Rajeev Chandrasekhar, the Minister of State for Electronics and Information Technology, responded to these queries. He shed some light on the government’s proactive measures in fostering Web3 innovation.
Rajeev Chandrasekhar highlighted the pivotal role of blockchain in the Web3 landscape and listed several initiatives. This includes the establishment of the Center of Excellence (CoE) in Blockchain Technology in collaboration with key players like STPI, Govt. of Haryana, Padup Venture Private Limited, IBM, Intel, GBA, and FITT.
He added that it was launched in March 2020, the CoE is serving as specialized incubation facility, providing startups in emerging technologies with the essential infrastructure, technology, leadership, mentoring, training, and networking.
Status of Crypto bill
Chandrasekhar wrote that MeitY is supporting startups in the emerging technologies realm through various forms of incubation and mentorship. It introduced the “FantreSkills PRIME” program To ensure that government officials are well-equipped to navigate the complexities of emerging technologies.
He mentioned several achievements like launching Nine comprehensive courses on Blockchain technology. However, it has received 1,999 participants with 301 completing the course.
In a parallel effort, the blended learning program facilitated by C-DAC/NIELIT resource centers played a pivotal role for the government. It has trained around 1,013 Government Officials and 143 Trainers in the intricacies of Blockchain technology.
According to reports, Jayant Sinha, Chair of the Standing Committee on Finance and BJP MP, addressed the timeline for a Web3-specific bill in India. During India Blockchain Week, he emphasized the need for a balance between encouraging innovation and ensuring safety, expecting this equilibrium to evolve in the next 12 to 18 months.
