In collaboration with CoinSwitch Kuber and Lumos Labs, Telangana will start a blockchain accelerator program.
Telangana’s state government has announced the creation of the India Blockchain Accelerator program, which will support early-stage Web 2.0 and Web 3.0 firms as well as blockchain engineers who are working to solve real-world problems. The initiative will be launched in collaboration with CoinSwitch Kuber, a unicorn crypto exchange, and Lumos Labs, a technology innovation management company.
Rama Devi Lanka, the state’s director of new technologies and officer on special duty (OSD), emphasized the state’s intention to implement blockchain projects in a variety of applications: “Some of the fascinating use cases that the state has already experimented in Blockchain include T-Chits (blockchain-based chit funds), supply chain (seed traceability), e-voting (a blockchain-based digital voting platform), and others.”
The state government’s four-month blockchain accelerator effort will be open to early-stage Web 2.0 and Web 3.0 firms as well as blockchain developers, according to the official release. The initiative seeks blockchain-based solutions for real-world problems in fintech, entertainment, sustainability, infrastructure and tools, agritech, logistics, and healthcare, among other business verticals:
“The Telangana government is also concentrating on establishing and supporting a big scale of Indian Blockchain talent pool, presumably of approximately 100K in the next 3–4 quarters”.
Similar comments were expressed by Lumos Labs co-founder Kaavya Prasad, who emphasized the state government’s openness to new blockchain efforts.
“A combined effort from many state governments will further accelerate the expansion of this field and we will be able to have more streamlined advancement,” she said, emphasizing the need for more interest in pilots and production-ready solutions.
Furthermore, CoinSwitch Kuber founder and CEO Ashish Singhal stated that the best future global startups would run on Web 3.0 blockchain infrastructure, highlighting India’s potential to become a net exporter of technology: “As part of the Indian crypto industry, we shall endeavour to collaborate with the state government to work towards the vision of making Telangana the blockchain capital of the country.”
According to a recent report, the Indian government is unlikely to impose a blanket ban on cryptocurrencies. A letter from a Cabinet meeting connected to the crypto bill, according to Indian news site NDTV, hinted at an imminent regulation. The paper featured ideas to regulate cryptocurrencies as crypto assets, with the Securities and Exchange Board of India (SEBI) monitoring the regulation of local crypto exchanges, according to local reporter Sunil Prabhu.