Overview of the Headline
Support for India’s transformation to web2 to web3 space has been claimed by algo bharat. World’s most populous country India has made entry to the blockchain protocol Algorand. To support the nation’s transformation from the back office of web 3 to web 2 has been aimed by algorand. This was told to Coindesk by two senior representatives. An outsourced work from Silicon Valley companies and global banks has been taken by millions of Indians. Launched on Wednesday, Algo bharat won’t have a registered entity in India. Instead, it will see the dedicated team focus on real-world utility for blockchain in India. This will be relevant for the rest of the world said the representative. The nation of India is represented by the word Bharat.
India’s approach to Web2 and Web3
At the algorands foundation, Anil Kakani, a vice president, and the India country head said “The back office of Web2 was India. The innovation might have been led somewhere else,”. Also, he said that “In India Blockchain use cases have been the greatest real-world utility.” For the early several weeks, Kakani and Nikhil Varma, the tech lead for algo bharat have been traversing the nation’s engineering colleges and blockchain-friendly places but have stayed clear of the rule makers.
Kakani said that “We will certainly engage with regulators this year”. Kakani was a senior adviser for India at U.S. Treasury. “We understood the appetite of web3. We will come with the track record of working with the national bank of Italy and the marshall islands CBDC project when we talk to regulators.” India’s position on crypto has gone from the central bank. This central bank trying to ban the industry’s access to financial services through a stiff tax regimen in 2022. Currently, as the president of 20 nations, G-20 India is pushing for global consensus on rules for crypto assets. India is also asking the blockchain and web3 industry to decouple itself from crypto.
Varma said, “The regulatory that’s the beginning to get laid out of India makes a lot of sense”. He also said that “Bringing India’s web 3 companies under the prevention of money laundering rules for clarity with KYC and AML is a sign of Institutionalization”. Algorands plan is broken into three pillars namely, broaden the web3 developer base, focus on startups that are transitioning from web2 to web3, and focus on high-profile use case partnerships with the central and state governments respectively.
Kakani said that “already these partnerships with government and ministries are happening,”. He also said that “they have thousands of users and we want to handhold their transition to address key bottleneck from web2 to web3 solution in their systems. ”
Association’s View on Algo
With the state of Maharashtra creating 100 million non-fungible tokens(NFT) to store personal health data, algorands has announced a partnership. Algorands has announced the Self Employed Women’s Association(SEWA) to support women-led enterprises in building blockchain solutions, with JNTU and the Indian School of Business. This was done to launch the faculty development programs and with T-hub, which was a prominent innovation hub. T-hub was the first blockchain partner to support startups respectively.