Bharat Web3 Association signs MOU with Telangana Government

Hyderabad: Bharat Web3 Association (BWA), a premier organization representing top Web3 technology companies in India has entered into a Memorandum of Understanding (MoU) with the Telangana government’s Information, Technology, Electronics, and Communication Department (ITECD). The first-of-its-kind MoU sets the stage for collaborative discussions between the two entities.

The Telangana government is taking an innovative approach by exploring the potential benefits of Web3 technology. The announcement was made in the presence of Shri. Jayesh Ranjan, Principal Secretary to Government of Telangana- Industries & Commerce (I&C) Department, & Information Technology, Electronics & Communications (ITE&C) Department, Smt. Rama Devi Lanka, the Director of Emerging Technologies for the state of Telangana, and Kiran Vivekananda, Chief Policy Officer at CoinDCX and Director, Bharat Web3 Association.

Speaking on this occasion, Shri. Jayesh Ranjan, Principal Secretary to Government of Telangana- Industries & Commerce (I&C) Department, & Information Technology, Electronics & Communications (ITE&C) Department, said, “We are extremely delighted to announce our partnership with BWA, and extend a warm welcome to them. I believe that BWA serves as a great example of how the blockchain industry can come together united to drive the ecosystem forward. The signing of this MoU marks a significant milestone in our efforts towards establishing a leading ecosystem for the Web 3 space in India. We believe that this partnership will help us unlock immense value to the startups and enable us to expand the frontiers of possibilities in this rapidly growing and dynamic sector.”

Ms. Rama Devi Lanka, Officer on Special Duty & Director of Emerging Technologies said, “Telangana is well-positioned to become a leader in the Web 3 space, and we are committed to supporting its growth and development. The sandbox will facilitate access to the relevant data, users and more importantly suggest recommendations on the regulatory changes to be made that will spur innovation in the web3.0 ecosystem accelerating greater participation and collaboration.

Under this partnership, the Bharat Web3 Association will work closely with the Telangana government to build a thriving Web3 ecosystem in the state. This will be achieved through the organization of events, seminars, and roadshows, as well as by facilitating discussions around Web3 technology. BWA will also facilitate the exploration of potential synergies between its members and the Telangana government, aimed at utilizing the sandbox environment to its fullest potential. The ultimate goal is to help the Telangana government achieve its vision of becoming a leader in the field of Web3.

The Telangana government has taken the first step in exploring the immense opportunities that Web3 offers. On its part, BWA aims to explore possible synergies that aligns with the state’s vision of becoming a leader in the field of emerging technologies.

Kiran Vivekananda, Chief Policy Officer, CoinDCX & Director- Bharat Web3 Association, said, “We, CoinDCX are excited to collaborate with the IT, Electronics, and Communications Department of the Government of Telangana on this monumental initiative. I applaud the vision of the Telangana government in realizing the transformative potential of Web3 and cementing its position as a leader in emerging technologies.

As a founding member of the Bharat Web3 Association, we are especially proud to be playing a part in charting the pathways for the future of Web3 in India. Promoting this ecosystem has long been a goal of mine, and I am happy to see that the Telangana Government and the Bharat Web3 Association have made it possible at a much larger level.”

Apart from this, Bharat Web3 Association will mentor and advise selected cohorts in their endeavour to utilize opportunities in Web3 and related technologies, as presented by the ITE&C department. The BWA will also appoint a nodal officer to speed up the implementation of policies.

“CoinSwitch welcomes the proactive initiative taken by the Telangana government. The collaboration between the Information, Technology, Electronics, and Communication Department of the Telangana government and the Bharat Web3 Association is a forward-thinking move that signals a commitment to the advancement of Web3 technology.

As a member of the BWA, we are committed to supporting and building a thriving Web3 ecosystem in the country. We believe that this partnership is a key step towards realizing the full potential of this cutting-edge technology and we look forward to playing an active role in its development and implementation.” said Ashish Singhal, Co-founder and CEO, CoinSwitch

As outlined in the Memorandum of Understanding (MoU), the Bharat Web3 Association will provide guidance and support to selected groups as they seek to take advantage of Web3 and related technologies. The association will also designate a dedicated point of contact to facilitate the swift implementation of policies. This agreement and the associated activities will help to drive the state’s transformation through the adoption of cutting-edge technological innovations.