Stakeholders in India’s blockchain space have created a new forum with more than 40 influencers to liaise with governments and regulators for blockchain and Web 3.0 adoption in the country.

See related article: India’s latest tax assault on crypto exchanges starts Friday

Fast facts

  • According to a local media report, India Blockchain Forum is setting up Special Interest Groups (SIGs) in areas such as central bank digital currencies (CBDCs), the metaverse, non-fungible tokens (NFTs) and others. 
  • The forum plans to create community chapters across India as well as collaborate with academia and research institutes to support adoption of Web3 technologies.
  • Founding members include Prasanna Lohar, chief executive officer (CEO), Block Stack; Pankaj Diwan, Founder and CEO, Idealabs FutureTech Ventures; Col Inderjit Singh, Chief Cyber Security Officer, Vara Technologies; Sharat Chandra, Blockchain Evangelist; and Srinivas Mahankali, Chief Business Officer, Secure Kloud Technologies.
  • The forum will open membership to stakeholders as it seeks to create the world’s largest Web3 community, according to the media report. 
  • The move comes after the Blockchain and Crypto Assets Council (BACC), an advocacy body representing the Indian crypto industry’s interests, was dissolved last month by its parent organization, the Internet and Mobile Association of India (IAMAI). 
  • Differences had cropped up between IAMAI and some members of the BACC on how to react to the new taxes on crypto trading. India introduced a 30% tax on all crypto income from April 1, and a 1% tax deducted at source on transactions above 10,000 Indian rupees (about US$125).

See related article: Blockchain in India got off on wrong foot, says former finance chief