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India Blockchain Forum Intends To Map Out The Future Of Cryptocurrency With Authorities

In order to communicate with governments and authorities about the adoption of blockchain technology and Web 3.0 in India, stakeholders in the country’s blockchain industry have established a new forum with more than 40 influencers.

The metaverse, non-fungible tokens (NFTs), central bank digital currencies (CBDCs), and other topics are among the Special Interest Groups (SIGs) that the India Blockchain Forum is establishing, according to a local media source.

In order to promote the adoption of Web3 technologies, the forum intends to establish neighborhood chapters throughout India as well as work with academic institutions and research organizations.

Prasanna Lohar, CEO of Block Stack, Pankaj Diwan, founder and CEO of Idealabs FutureTech Ventures, Col. Inderjit Singh, CSO of Vara Technologies, Sharat Chandra, Blockchain Evangelist, and Srinivas Mahankali, CBO of Secure Kloud Technologies are among the founding members.

In an effort to establish the largest Web3 community on the planet, the forum will allow stakeholders to join.

The action follows the parent organization, the Internet and Mobile Association of India (IAMAI), dissolving the Blockchain and Crypto Assets Council (BACC), a lobbying group representing the interests of the Indian cryptocurrency industry.

IAMAI and certain BACC members disagreed on how to respond to the new levies on cryptocurrency trading. From April 1, India imposed a 30% tax on all cryptocurrency profits and a 1% source-deducted tax on transactions over 10,000 Indian rupees (about US$125).

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.