The state government of Telangana has introduced the “India Blockchain Accelerator” program in partnership with Coinswitch Kuber and Lumos Labs. It comes at a time when the crypto bill is expected to table in the ongoing winter session of the parliament.
The state government’s four-month India Blockchain Accelerator program will focus on early-stage Web2 and Web3 startups. Moreover, the program will seek blockchain-based solutions for real-world problems. The scope of problems is across the industry, including fintech, entertainment, sustainability, infrastructure and tooling..
Other than that, the Telangana Government has also started to provide the necessary regulatory framework:
“The Telangana Government will help provide the required regulatory framework to enable and promote blockchain growth.”
Kaavya Prasad, co-founder of Lumos Labs said:
“A collaborative effort from various State Governments will further accelerate the growth of this space and we would be able to have more streamlined progress.”
Talking about, India Blockchain Accelerator program, CoinSwitch Kuber CEO Ashish Singhal said:
“As part of the Indian Crypto industry, we shall endeavor to collaborate with the state government to work towards the vision of making Telangana the blockchain capital of the country.”
It was previously expected that a blanket ban on cryptocurrencies would occur in India but it doesn’t look like it. Recent reports suggest that the Indian Government will not impose a blanket ban on cryptocurrencies. So although the clarification and distinguishment of crypto are still unclear, things aren’t as bad for crypto as they could’ve been under the previous iteration of the bill.