The internet has transformed the way we live, work, and communicate, becoming an indispensable part of our daily lives. But what if we told you that a new phase of the internet is dawning, one that promises to revolutionize the way we interact with technology and reshape entire industries?
Welcome to Web3 in India, a decentralized and trustless ecosystem with immense potential for the future. To that end, a group of visionary Indian leaders and innovators have joined forces to establish the Bharat Web3 Association (BWA). The Bharat Web3 Association is a pioneering initiative set to propel the country to the forefront of this transformative wave.
In this blog, we will delve into the significance of the association, its purpose, and the exciting possibilities that lie ahead for India’s Web3 ecosystem. So, prepare yourself to embark on a journey into the digital frontier where decentralization, blockchain, and cryptocurrencies converge to redefine our digital future.
Web3 in India: Bharat Web3 Association
The Bharat Web3 Association was established in November 2022. The inception of the BWA marked a significant milestone in India’s journey toward embracing Web3 technologies. The association emerged as a response to the increasing global momentum behind blockchain, cryptocurrencies, and decentralized applications.
A group of visionary leaders and innovators in India’s digital ecosystem came together to establish the Bharat Web3 Association. That can recognize the immense potential of these technologies to transform various sectors. The association’s founding members included industry giants like CoinDCX and several other influential players in the Web3 space.
Their shared vision was to create a unified platform that could drive the adoption, development, and regulation of Web3 technologies in India. In the months leading up to its launch, the founding members engaged in discussions, consultations, and strategic planning sessions to lay the foundation of the association.
The Bharat Web3 Association quickly became a prominent voice in India’s digital landscape. It represents the interests of the Web3 community and working towards creating an enabling environment for the technology’s adoption and growth. It positioned itself as a bridge between the industry and regulatory bodies. That fosters dialogue and offers insights to shape balanced policies.
Purpose and Objectives of BWA
The primary purpose of the Bharat Web3 Association is to foster a thriving Web3 ecosystem in India. This entails promoting innovation, advocating for favorable regulatory frameworks, and supporting the growth of blockchain, cryptocurrency, decentralized finance (DeFi), and other Web3 technologies.
The association aims to establish India as a global hub for Web3 innovation. That can attract investments and talent while ensuring responsible and inclusive growth. To achieve its objectives, the association primarily focuses on three key areas:
- Collaboration and Networking: The association facilitates collaboration between industry players, startups, developers, and policymakers to build a robust Web3 community. Through regular events, workshops, and conferences, stakeholders can exchange ideas, discuss challenges, and explore potential partnerships.
- Education and Awareness: Bharat Web3 Association recognizes the importance of educating the public and businesses about Web3 technologies. By organizing educational programs, webinars, and awareness campaigns, the association aims to bridge the knowledge gap and promote widespread adoption.
- Policy Advocacy: The association actively engages with policymakers and regulators to shape favorable policies that encourage innovation and protect the interests of stakeholders. By providing expert insights and recommendations, they aim to create a conducive environment for Web3 technologies to thrive.
By aligning its efforts with these multifaceted objectives, the association strives to catalyze India’s Web3 revolution. That can unlock its potential for economic growth and social empowerment. And ensure that the benefits of Web3 technologies are accessible to all sections of society.
Latest Developments
Since its inception, the Bharat Web3 Association has witnessed significant developments and achievements. Recently, the association appointed Dilip Chenoy, a seasoned industry veteran, as its first chairman. Chenoy’s extensive experience in leadership roles, including the National Skill Development Corporation, adds valuable expertise to the association’s initiatives.
Furthermore, the association has garnered attention and support from various quarters. Several reputed publications, such as Forbes India and Business Today, have covered the launch and mission of the Bharat Web3 Association. This heightened visibility is essential for generating awareness and building credibility among industry stakeholders.
In addition, the association has been actively involved in industry-wide initiatives. For example, it has collaborated with multiple organizations and institutions to conduct hackathons, coding competitions, and skill-building programs focused on Web3 technologies. These initiatives provide a platform for developers and enthusiasts to showcase their skills. That can foster innovation and contribute to India’s Web3 ecosystem.
Moreover, the Bharat Web3 Association has been instrumental in engaging with regulators and policymakers to shape the regulatory landscape for cryptocurrencies and blockchain technology in India. By presenting research-backed insights and advocating for balanced regulations, the association aims to provide clarity and create a conducive environment for growth.
To that end, the Bharat Web3 Association (BWA) recently became the latest body to submit a petition to the Indian government and the Reserve Bank of India (RBI). The association proposes crypto exchange access to the country’s UPI. Two entities have already made comparable suggestions, with BWA’s expected to come in a few weeks.
SunCrypto Founders Embrace BWA’s Exciting Breakthroughs
Mr. Umesh Kumar, the CEO of Suncrypto, shared his observations regarding the challenges faced by Suncrypto users and expressed his views on the situation. According to him, “While Suncrypto offers various alternatives for deposits and withdrawals, it is important to acknowledge the significance of UPI as a valuable tool.” He emphasized that “as the fastest growing industry in India, the crypto sector deserves government support. That can underscore the need for authorities to recognize this fact and provide assistance to both the industry and its users.”
Mr. Umesh Kumar also commended the Bharat web3 Association for filing a petition aimed at facilitating easier crypto adoption in India. He emphasized the importance of collaboration between users and businesses. This can help sustain support for the industry and express hope that the government would take action promptly.
Pramod Yadav, the co-founder and CTO of Suncrypto, also weighed in on the matter, expressing optimism about the potential return of UPI. He highlighted that “the government’s recent inclusion of crypto under the PMLA act and the implementation of a 30% tax indicate a growing acceptance of cryptocurrencies. This suggests that the government will likely address the UPI issue, providing much-needed relief for crypto users.”
Conclusion
The Bharat Web3 Association (BWA) serves as a catalyst for India’s Web3 ecosystem. That is fostering innovation, collaboration, and responsible growth. Through its concerted efforts, the association aims to position India as a global leader in Web3 technologies.
With recent developments and a growing network of stakeholders, the Bharat Web3 Association is poised to shape the future of India’s digital landscape, promoting decentralization, transparency, and inclusivity.
To know more about Web3 in India & Bharat Web3 Association, go check out SunCrypto Academy.
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