Blockchain technology is at the heart of how Web3 works. BWA thinks that India could lead the world over the next ten years if it builds a strong Web3 ecosystem in line with the government’s “Make-in-India” initiative.
On Thursday, Indian leaders from different Web3 industries announced the Bharat Web3 Association (BWA) to help the Web3 ecosystem in their country grow.
The BWA is made up of people from many different industries, such as NFTs, Web3 Gaming, Infrastructure Providers, Virtual Digital Assets (VDAs), and Token Projects.
Blockchain technology is at the heart of how Web3 works. The BWA said in a statement that it thinks India could lead the world over the next ten years if it builds a strong Web3 ecosystem in the country. This is in line with the government’s “Make-in-India” initiative.
Kavin Bharti Mittal, the founder and CEO of Hike, talked about this new development and talked up the role of Web3 in changing the Indian economy. He said that Indian people use their smartphones for more than seven hours a day on average, which is almost half of their waking lives. “The blockchain finally enables consumers to own the value associated with their time spent digitally thus potentially unlocking brand new economic opportunities for themselves. It’s becoming increasingly clear that the next wave of wealth and value creation will come from a financial world that is programmable end to end. India could be at the centre of this next wave and boost its economy to strengthen its position on the world stage,” he said.
Sandeep Nailwal, Co-Founder, Polygon Technology said: “With the advent of Web3, we are at the cusp of a technological revolution, which has immense potential to stimulate economic growth, create jobs, boost financial inclusion, and enhance privacy and security. Owing to its thriving developer community, entrepreneurial spirit, fast-growing economy, sound digital infrastructure, and deep digital adoption, India is poised to become a leader in the Web3 space.”
He also said that Indian entrepreneurs have already made a name for themselves in the ecosystem and are working to improve things for everyone by coming up with useful public use cases. He also said that BWA will be a key part of India’s plan to become a global Web3 leader.
Nischal Shetty, CEO of WazirX, said that the goal of the Bharat Web3 Association is to create and maintain an environment that helps India grow by working with industry, government, and regulatory bodies and using advisory and consultative processes. He said that the group’s goal is to work with the government to make India’s crypto ecosystem stable and to set up rules that the industry will follow. “The Web3 Industry can actively contribute to making an Atmanirbhar Bharat in Fintech and achieve PM Narendra Modi’s dream of making India a 5 trillion-dollar economy,” he added.
Ashish Singhal, CEO and co-founder of CoinSwitch, said that the company is looking at Web3 as a once-in-a-generation chance. “Given the right policy framework and support from the Government, we can capitalize on these advantages to build a Web3 ecosystem that is at par with any developed nation in the world. To that end, BWA will strive to ensure that the future of the Internet is Made in India, with the necessary regulatory guardrails in place,” he added.
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