Web3 in India: G20 presidency a crucial step towards a global regulatory framework

From PM Narendra Modi's global framework call to the booming web3 developments, India's crypto and web3 journey shapes thriving digital economy and financial inclusivity

Shashank Bhardwaj
Published: Aug 31, 2023 11:43:07 PM IST
Updated: Aug 31, 2023 11:48:54 PM IST

Web3 in India: G20 presidency a crucial step towards a global regulatory frameworkImage: Shutterstock

India's crypto and web3 landscape has made significant strides with growing regulations and technological advancements. India has been making the right noises to ensure that its G20 presidency reflects its commitment to harnessing digital innovations for economic growth and global leadership in the rapidly evolving crypto and web3 space.

During a landmark address at the B20, Prime Minister Narendra Modi called for a unified global framework for crypto, AI, and other emerging technologies. Modi's stance stresses the need to acknowledge rapid technological advancements and prioritise adoption and democratisation.

In a similar context, Rahul Pagidipati, CEO of ZebPay, shared insights on the Indian regulatory landscape and web3 trends, emphasising the need for balanced regulations to foster innovation while ensuring accountability. He highlighted, "Web3 with its decentralised and transparent nature, holds the potential to revolutionise industries such as finance, supply chain management, and even governance. Web3 start-ups can leverage blockchain's capabilities to create systems that are secure, efficient, and tamper-proof."

Guiding the G20 consortium, India is spearheading the drive for a comprehensive worldwide crypto regulatory structure. India's proposal seeks international cooperation to manage digital assets, ensuring consistent standards and minimising risks. This initiative highlights India's commitment to inclusive crypto governance, promoting fair representation for developing economies in shaping the evolving digital landscape.

Discussing India's G20 Presidency, Pagidipati underscored the importance of global collaboration in establishing a regulatory framework. He said, "The initiation of crypto-specific discussions at the global level demonstrates India's commitment to fostering a secure and innovative digital economy. Collaborative efforts among nations are essential to address the challenges and opportunities posed by digital assets."

Speaking of web3 trends in India, Pagidipati further noted the rapid rise of decentralised finance (DeFi) protocols. These platforms radically transform conventional financial services by cutting out intermediaries and empowering individuals to engage in lending, borrowing, and trading activities with each other directly. Pagidipati says, “As virtual worlds and digital assets within the metaverse become more prevalent, we anticipate novel use cases for blockchain technology.”

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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