On Saturday, the Indian exchange CoinDCX, in collaboration with the industry’s policy organisation, Bharat Web3, and the media site Forbes, hosted a “Namaste Web3” , the education and awareness drive event for lawmakers. The theme of the event was “$5 trillion Indian economy: is web3 India’s next big thing?” The event’s main goal was to talk about India’s G-20 chairmanship and prospective prospects in the Web3 industry.
The Indian crypto business staged a triumph by luring MPs and members of India’s ruling party to a Web3 conference. Lawmakers and government leaders have had private meetings with the sector, with some expressing support and others reacting negatively. This was a rare instance when they appeared publicly, offering the place new credibility.
Sumit Gupta, Founder & CEO of CoinDCX, spoke to the audience, emphasising how India is ready to be the global hub for Web3. He said “Fundamentally, the blockchain can solve a lot of challenges – whether it is how to build robust financial systems or how to build governance which is more citizen-centric, gives more control over our data, privacy etc. Essentially, you own your data and identity. This is what web3 is all about. It’s a new technology stack that’s building a new internet.”
Despite the efforts, crypto is yet to see strong support from Indian officials. “I am a great supporter of blockchain. But crypto is a different ball game altogether. Let me be very clear about it. Because in crypto there are issues of financial sovereignty of India,” claimed former Law Minister Ravi Shankar Prasad.
It wasn’t just the cold shoulder that Web3 and crypto received at the summit. “India is not the only country figuring out crypto. India is very diverse so we need to take appropriate measures. I feel that the G20 is a very good platform because cross-border global interoperability will make blockchain more acceptable,” said Shweta Shalini, State Secretary BJP, Maharashtra and Spokesperson BJP.
Ultimately, the Namaste Web3 event highlighted India’s ability to become a leader in the Web3 sector, as well as the potential advantages to the Indian economy. The crypto sector in India is still highly restricted by a 30% profit tax and a 1% tax deducted at source, which has resulted in volume drops, as well as a recent initiative to put the industry within India’s anti-money laundering legislation. The next Namaste Web3 event is scheduled in Pune.