According to an official release, India Blockchain Forum (IBF), a blockchain platform, unveiled a comprehensive set of recommendations for the Union Budget 2024. These recommendations are aligned with fostering a conducive regulatory environment, fueling innovation and ecosystem growth, and driving adoption and societal impact.
The proposal is belived to help establish a clear regulatory framework, adopt a risk-proportionate approach and implement a regulatory sandbox to encourage experimentation and growth within the industry.
“By implementing these recommendations, the Union Budget 2024 can help India to become a global blockchain hub, empowering Indian startups to compete on the world stage and creating a more inclusive, efficient, and sustainable future for its citizens,” Sharat Chandra, co-founder, India Blockchain Forum, explained.
IBF’s recommendations are believed to include the importance of skilled workforce development, international collaboration, research and development (R&D) funding, and tax incentives. Furthermore, IBF calls for angel investor tax exemptions, improved startup funding infrastructure, and efforts toward blockchain infrastructure development, as per insights from the official release.
