The government of Telangana is accelerating efforts to foster the growth of Web3 initiatives as India, along with several other nations, decide on rules to govern the up-and-coming sector. Liminal, a digital wallet service provider, has become the latest Web3 firm to be onboarded onto Telangana government’s Web3 advisory body on Wednesday, June 14. This Web3 regulatory sandbox aims to help budding initiatives to grow in India’s hyper competitive and diverse market.
Founded in 2021, Liminal offers an automated wallet solution that works across various blockchain protocols.
The company now joins India’s non-government Web3 body, the Bharat Web3 Association (BWA) to be part of Telangana’s blockchain-related plans.
“We strongly believe that it will act as a catalyst to bring blockchain to the grassroots. The model created by the Telangana government can be replicated by other state governments to deliver blockchain-based efficient governance for the people in their respective states. This will also help in creating more startups in the states and create more jobs for the youth by strengthening the Startup India program,” said Manan Vora, Senior Vice President, Business Strategy and Operations at Liminal, in a prepared statement.
This advisory body will select promising Web3 projects brewing in the Telangana state and provide management guidance, technical support, and business strategy for creating a sustainable business model.
The authorities of Telangana have already established a Blockchain district in Hyderabad city to become a hotspot for Web3 discussions and activities.
“We believe that Web3 regulatory sandbox will help startups in navigating the regulatory landscape. We are highly optimistic about the future of Web3/blockchain and want to leverage it for the benefit of mankind,” Jayesh Ranjan from the Telangana government noted.
India’s Telangana state is looking to introduce blockchain-based solutions to make activities related to farming more eco-friendly.
In April this year, the Telangana government partnered with Algorand blockchain to bring environment-friendly services to farmers. The state wishes to usher farmers to participate in organic farming, agroforestry, crop rotation, and solar power harvesting — all of which support reduction in greenhouse gas emissions and carbon sequestration, which is the process of capturing and storing atmospheric carbon dioxide to prevent excessive emissions.
The Telangana government had signed a Memorandum of Understanding (MoU) with the BWA in February this year. The role of the BWA in Telangana’s Web3 advisory panel is to facilitate the implementation of Web3-related policies.
Back in December 2021, the Telangana government had also inked deals with crypto exchange CoinSwitch Kuber and innovation management firm Lomos Labs to launch a ‘Blockchain Accelerator’ plans to give Web3 startups the necessary assistance to succeed.
