Before India decides the rules and regulations for the crypto space, a ‘Blockchain Accelerator' plans to give some startups the necessary assistance to succeed. The Telangana government has inked deals with crypto exchange CoinSwitch Kuber and innovation management firm Lomos Labs to mark the blockchain education-focused initiative in India. Entrepreneurs wanting to enter the blockchain space would be able to use the initiative to explore opportunities, mentorship, tech support, and funding scopes for their projects. India Blockchain Accelerator is the second edition of T-Block Accelerator, a Telangana-originated programme.
Blockchain is the underlying technology of cryptocurrencies and consists of information called blocks connected through cryptography. Blockchain technology currently supports cryptocurrencies, non-fungible tokens (NFTs), as well as the metaverse in the present day.
Entrepreneurs from eight selected startups will also get an opportunity to secure up to $700,000 (roughly Rs. 5.32 crore) for pre-seed and seed funding from companies like Lightspeed and WoodstockFund.
Members of the chosen startups will also be allowed to attend workshops, meet-ups, mentorship, and coaching.
“Right now, anybody who's launching an enterprise online has to pay 70 percent of its income to international infrastructure suppliers, and cash strikes out. The blockchain trade is forming a brand new Internet altogether,” said Ashish Singhal, Founder, CoinSwitch Kuber.
The development comes at a time when India is mulling over what regulations to impose on the crypto space.
The government has expressed concern that cryptocurrencies may be used for luring investors with misleading claims and for funding terror activities and money laundering.
Recently, the crypto market was left shaken by reports that the Parliament agenda in India included a bill seeking to prohibit all private cryptocurrencies from operating in the country. The agenda also noted that the government wishes to bring an official digital currency for India.
However, it should be noted that this exact same bill was also listed for the Budget Session, but did not get discussed at the time.
Currently, the proposal drafted by the finance ministry is awaiting cabinet approval before it reaches Parliament.
Earlier this month, Prime Minister Narendra Modi's Twitter handle was briefly hacked, and a tweet claiming that India has “officially adopted Bitcoin as legal tender” was put out from it.
The Prime Minister's Office later said the account was immediately secured after the matter was escalated to Twitter.