India, being touted as a potential Web3 industry leader in the coming years, is presently at the brink of diving deep into the crypto revolution. In a bid to support the growth of India’s Web3 ecosystem, a new crypto advocacy group called Bharat Web3 Association (BWA) has been launched in the country comprised of industry players like Polygon, CoinDCX, CoinSwitch Kuber, WazirX, ZebPay, and Hike among others. As part of its regular tasks, the group will constantly be in touch with lawmakers and regulators to keep the crypto sector protected and relevant.
Promoting research-driven awareness on the digital assets sector, maintaining dialogue channels with stakeholders, and standardising business ethics for the Web3 industry players will be the three key focus points for the BWA.
The formation of this body comes just weeks before India takes up the presidency of the G20 next month. Formulating crypto rules for global use is among India’s top priorities during its G20 presidency.
“Owing to its thriving developer community, entrepreneurial spirit, fast-growing economy, sound digital infrastructure, and deep digital adoption, India is poised to become a leader in the Web3 space. BWA will play a pivotal role in helping India achieve its potential as a global Web3 leader,” said Sandeep Nailwal, Co-Founder, Polygon Technology, commenting on the launch of the BWA.
Industry leaders like Hike founder Kavin Bharti Mittal shared information around the BWA on Twitter.
The development comes almost four months after India’s former Web3 advocacy group was dissolved owing to the snags in the sector’s overall growth.
Called the Blockchain and Crypto Assets Council (BACC), the now disbanded body was founded four years ago by the Internet and Mobile Association of India (IAMAI).
In July, the BACC was declared shut amid the prevailing regulatory uncertainty around the crypto sector in the country.
Despite India’s gradual and cautious approach towards the crypto sector, several industry players have hailed India’s engineering talent that can finetune the blockchain technology and expand its use cases in the near future.
Johnny Lyu, the CEO of KuCoin crypto exchange for instance, recently told Gadgets 360 that India is among the best producer of computer coders in the world and majority Indian engineers who are swarming towards Web3 are proficient in those computer languages, that are required to tilt and shift the blockchain technology as we know it today.
India’s crypto activity churned $172 billion (roughly Rs. 13,85,812 crore) in cryptocurrency-related activities from July 2021 through the June of this year, a Chainalysis report released in September claimed.