Before India decides on the rules and regulations of the crypto space, a “blockchain accelerator” plans to give some startups the help they need to be successful. The Telangana government has signed deals with crypto exchange CoinSwitch Kuber and innovation management firm Lomos Labs to mark the blockchain education-focused initiative in India. Entrepreneurs wishing to enter the blockchain space could use the initiative to explore opportunities, mentorship, technical support, and funding possibilities for their projects. India Blockchain Accelerator is the second edition of T-Block Accelerator, a program originating in Telangana.
Blockchain is the underlying technology of cryptocurrencies and consists of information called blocks connected through cryptography. Blockchain technology currently supports cryptocurrencies, non-fungible tokens (NFTs), as well as metaverse today.
The program will run for four months and will accept applications for admission from Web2 and Web3 startups and blockchain builders.
Entrepreneurs from eight selected startups will also have the opportunity to obtain up to $ 700,000 (approximately Rs. 5.32 crore) for pre-seed and start-up funding from companies like Lightspeed and WoodstockFund.
Members of the selected startups will also be allowed to attend workshops, meetings, mentoring and coaching.
“Right now, anyone who starts an online business has to pay 70% of their income to international infrastructure providers, and the money is taken out. Blockchain commerce is shaping a whole new internet, ”said Ashish Singhal, Founder of CoinSwitch Kuber.
The development comes at a time when India is considering what regulations to impose on the crypto space.
The government has expressed concern that cryptocurrencies could be used to lure investors with misleading claims and to finance terrorist activity and money laundering.
Recently, the crypto market was rocked by reports that the Indian Parliament’s agenda included a bill to ban all private cryptocurrencies from operating in the country. The agenda also noted that the government wants to bring an official digital currency for India.
However, it should be noted that this same bill was also entered for the budget session, but was not discussed at the time.
Currently, the proposal drafted by the Ministry of Finance is awaiting cabinet approval before reaching Parliament.
Earlier this month, Prime Minister Narendra Modi’s Twitter account was briefly hacked, and a tweet claiming that India has “officially adopted Bitcoin as legal tender” was published.
The prime minister’s office later said the account was immediately secured after the matter was reported to Twitter.