India Embracing Web3: Is the $5 Trillion Transformation within Reach?
Revamped Article:
Say hello to the future of web technology - Web3! In the spirit of education and awareness, CoinDCX, a leading cryptocurrency exchange, and Forbes teamed up to host the "Namaste Web3" event on March 11th. This lavish soiree went down at the luxurious Imperial Hotel in New Delhi, graced by politicians and members of India's ruling party.
The epicenter of discussion was "Is web3 India's next big thing in propelling our economy to $5 trillion?" This event highlighted India's G20 presidency and the potential benefits for the Web3 industry, also known as the "Decentralized web."
The "Namaste Web3" conference was fueled by the insightful words of India's senior political leaders, including Baijayant Panda, National Vice President, and Ravi Shanker Prasad, former Law Minister. Notable contributors also included the Chairman of the Parliamentary Standing Committee on Commerce and a Deputy Leader of the Opposition.
Dr. Abhishek Manu Singhvi, leading India's parliamentary committee on commerce, is an avid Web3 fan. He expressed his optimism, stating that Web3 could play a key role in achieving India's goal of a $5 trillion economy. He emphasized the potential of this technology and its increasing appeal to developers.
Between 2014 and 2019, India's economy grew at a staggering rate of 2.4 times faster compared to the overall economy. Dr. Singhvi contended that educational initiatives, such as "Namaste Web3," which travel from city to city to onboard tech enthusiasts and industry leaders, could be instrumental in enlightening the public about the benefits of blockchain-based finance.
Sumit Gupta, CEO of CoinDCX, underscored India's potential to become a global hub for Web3. Blockchain technology can address numerous challenges and empower users with greater control over their data. Moreover, Gupta highlighted Web3 as a "new technology and stack that's building a new internet."
Ravi Shankar Prasad pointed out that 100,000 youth-owned startups in India are mushrooming outside the country, all thanks to technology. Other discussions focused on using India's G20 presidency to establish regulatory guidelines through international collaborations.
Shweta Shalini appreciated India's G20 platform for blockchain networks and emphasized the importance of cross-border global interoperability in making blockchain more accepted. It seems the future of Web3 is looking bright for India’s youth, brimming with opportunities and support systems.
For more insights, take a peek at the "First G20 FMCBG Summit on Policies to Govern Crypto Assets."
Sources:[1] Coin DCX Hosts Namaste Web 3.0 to Roll Out the Web 3.0 Revolution in India, techstory.in/coin-dcx-hosts-namaste-web-3-0-to-roll-out-the-web-3-0-revolution-in-india/.[2] Bitget Launches $10 Million Web3 Development Fund for India, cointelegraph.com/news/bitget-launches-10-million-web3-development-fund-for-india.[3] Bitget & Avalanche Launch 'HODL ON' Tour in India,edly.io/node/36348/bitget-avalanche-launch-hodl-on-tour-in-india.[4] Avalanche, Bitget to Collaborate for Web3 Startups in India, cointelegraph.com/news/avalanche-bitget-to-collaborate-for-web3-startups-in-india.[5] India's Web3 Opportunities: Youth, Startups Thrive Amid Surging Pan-India Excitement, datahack.in/.
- At the "Namaste Web3" conference, CoinDCX, a leading cryptocurrency exchange, and Forbes highlighted India's potential to integrate web3 technology, aiming to propel the economy towards a $5 trillion valuation.
- During the event, Dr. Abhishek Manu Singhvi, leading India's parliamentary committee on commerce, spoke about the significant role blockchain-based finance could play in achieving this economic goal.
- Sumit Gupta, CEO of CoinDCX, expressed optimism about India becoming a global hub for web3, emphasizing the potential of blockchain technology to empower users and address various challenges in the digital sphere.
- Indian political leaders, including Baijayant Panda and Ravi Shanker Prasad, discussed the benefits of the decentralized web for India's business and technology sectors, as well as the potential for regulatory guidelines through international collaborations.
- Educational initiatives, such as "Namaste Web3," were cited as essential for enlightening the public about the advantages of blockchain technology and fostering a culture of self-development and innovation.
- The future of web3 appears promising for India's youth, with a surging pan-India excitement surrounding the possibilities offered by this burgeoning technology, as evidenced by the increasing number of youth-owned startups leveraging web3 innovations.
