India’s Web3.0 ecosystem to be supported by Bharat Web3.0 Association launched by industry leaders | The Financial Express

India’s Web3.0 ecosystem to be supported by Bharat Web3.0 Association launched by industry leaders

According to the BWA, the platform will focus on driving awareness through research to help keep pace with this evolving technology

India’s Web3.0 ecosystem to be supported by Bharat Web3.0 Association launched by industry leaders
BWA is expected to play a pivotal role in helping India achieve its potential as a global Web3.0 leader, Sandeep Nailwal, co-founder, Polygon Technology, highlighted

Industry leaders across Web3.0 verticals has unveiled Bharat Web3.0 Association (BWA), to enable and support the growth of India’s Web3.0 ecosystem. It is believed that  members of the BWA span multiple verticals, including non-fungible tokens (NFTs), Web3.0 gaming, infrastructure providers, virtual digital assets (VDAs), and token projects.

According to the BWA, the platform will focus on driving awareness through research to help keep pace with this evolving technology, promoting dialogue between key stakeholders, setting standardised principles in the Web3.0 industry, encouraging and promoting Web3.0 and blockchain innovation, and nurturing India’s talent pool. The BWA believes that India has the potential to lead the world over the next decade by building a Web3.0 ecosystem in the country, in line with the government’s ‘Make-In-India’ initiative.

“The blockchain can enable consumers to own the value associated with their time spent digitally, thus, potentially unlocking brand new economic opportunities for themselves. It’s becoming clear that the next wave of wealth and value creation is expected to come from a financial world that is programmable. India could be at the centre of this next wave and boost its economy to strengthen its position on the world stage. With the BWA, we aim to support the government to develop a strong Web3.0 ecosystem in India,” Kavin Bharti Mittal, founder and CEO, Hike, said.

“With the advent of Web3.0, we are at the cusp of a technological revolution, which has  the potential to stimulate economic growth, create jobs, boost financial inclusion, and enhance privacy and security. Owing to its developer community, entrepreneurial spirit, feconomy, digital infrastructure, and digital adoption, India is poised to become a leader in the Web3.0 space. I believe Indian entrepreneurs have already made a mark in the ecosystem and are innovating for the world, developing public use cases. BWA is expected to play a pivotal role in helping India achieve its potential as a global Web3.0 leader,” Sandeep Nailwal, co-founder, Polygon Technology, highlighted.

Also Read: Switzerland to expand anti-money laundering regulations around cryptocurrencies

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First published on: 03-11-2022 at 17:48 IST