The future of Web 3.0 and crypto in India augmented by the digital rupee

economictimes.indiatimes.com:

Web 3.0 and crypto services can play in India and how we must prepare for this.Timely regulations will build a vibrant and transparent ecosystemThe crypto asset class has potential to give disproportionate returns to investors over time in a democratic way. This has not been the case with any other technology-based asset in the past. For example, a US citizen had earlier access to global IT stocks in 2000s before Indians did. It is now up to the Indian government to encourage this ecosystem in a compliant manner. The government has taken great strides already. Be it a TDS on sales or the recent anti-money laundering (AML) provisions under PMLA, the messaging from the government has been consistent: invest fairly and declare the profits. However, India-based exchanges, which have been the most compliant, have experienced a significant drop in volumes since July 2022 as investors migrated to using non-compliant global exchanges for their trades. This must be addressed quickly.

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Indian businesses that operate with local offices are best suited to be the partner of choice for the government and the ‘platform of trust’ for the investors. Given that services offered by Indian platforms are on par with global exchanges in terms of products and ease of use, they must be actively encouraged. The future is blockchainBlockchain, the core technology behind crypto and Web 3.0, is already implemented across