Web3 is not just a financial offering. It has a lot more to offer.
The Winter Session 2021 of the Parliament of India had raised every Web3 stakeholder’s hopes when the crypto bill was listed for tabling.
Discussion on Crypto in Parliament
Sadly, the bill was not tabled and has not been released to the public as of now. But crypto was discussed at length in the Parliament.
Another unfavourable detail from the legislative proceedings is policymakers discussing crypto more from a perspective of a speculative asset.
In US, policymakers consulted with stakeholders coming from different sub-industries of Web3. On other hand, India’s consultation largely took place with Crypto Exchanges.
Exchanges play an important role in onboarding new users. They act as a bridge between new users and projects. But crypto is not limited to trading on an exchange.
Much of the news about regulations that appeared is about crypto advertising guidelines being formulated by the exchanges and the regulators. Beyond advertisement, crypto’s currency aspect was also questioned as it may potentially undermine the country’s sovereign currency, the INR.
Crypto is More Than Just a Speculative Asset
Crypto is not just a financial offering. It is a whole new economy wherein a single product can act as a currency, asset, token, voting mechanism, etc. It empowers end-users in holding product developers accountable for their actions, decentralizing the power through a trustless system.
Numerous topics such as Metaverse, Play-to-Earn games, Decentralized Governance were missing from the discussions.
For instance, Chingaari a short video platform had launched its GARI token which empowers creators. This unlocks a new dimension in the creator economy.
Indians have launched a plethora of projects which are not getting their due. Considering regulatory unclarity, many projects had to move their head offices offshore.
Blockchain technology is not limited to just private players. It can be used even by the Government. The Maharashtra Government is using Polygon Network to authenticate COVID test reports.
India has one of the youngest populations in the world. It is known for its cutting-edge Information Technology (IT).
The demographic dividend can become a demographic nightmare if employment is not generated with respect to the growing population.
Web3 presents an opportunity to be capitalized.
El Salvador is funding a whole new city through Bitcoin. India does not need such radical steps. It already has a robust IT industry that just needs regulatory clarity.
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