From making a u-turn on its earlier crypto ban, it seems that Indian government bodies are warming up further to the idea of cryptocurrency and Blockchain technologies. The government of the Telangana, a southern Indian state, has recently announced that it is partnering with a major IT firm to establish a district exclusive to blockchain startups in the state’s capital.
The Telangana State Information Technology, Electronics and Communication Department (ITE&C) has inked a memorandum of understanding (MoU) with multinational IT services giant Tech Mahindra to establish what is being billed as ‘India’s first Blockchain District’.
Financial news daily The Economic Times also reported:
The Blockchain District will be a center of excellence for Blockchain, an incubator for technology and process development with infrastructure and facilities to foster growth of Indian blockchain start-ups and companies, said a release. Tech Mahindra as a founding member of the Blockchain district will provide platform and technology assistance to all the incubators in the Blockchain District.
Tech Mahindra will also empower accelerators to develop and solve market problems across its global customer ecosystem. Further, the Telangana ITE&C department will provide regulatory and policy support to enable and promote Blockchain growth both in India and globally.
The state’s IT minister KT Rama Rao was quoted as stating:
Telangana government is proud to pioneer the first of its kind Blockchain District in India. With support from Tech Mahindra, we envision to set a global benchmark in providing cutting-edge Blockchain technology solutions and platforms across industries.”
Notably, the state government has pledged to provide both regulatory and policy support for companies and startups in the sector to promote the integration of blockchain technology domestically and beyond.
Said the CEO and MD of Tech Mahindra, C P Gurnani:
The Blockchain District is a global talent hub which can unlock the value of blockchain technology in democratizing data and solving large scale problems. It is also a huge step in reskilling and right skilling the workforce of the Future. Blockchain experts will be our crowning jewels as together we work towards making India the Blockchain capital of the world.