Decrypting the future of Web3 in India

In recent months, India’s crypto and Web3 landscape has been marked by increasing regulations. At the same time, the nation is looking to leverage blockchain tech for non-crypto use cases.

At TechSparks 2023 in Bengaluru, experts in the Web3 ecosystem came together to discuss the future of decentralised tech and its potential use cases in India beyond just crypto.

Neeraj Khandelwal, Co-founder, CoinDCX; and Kashif Raza, Founder, Bitinning, went back to the basics of Web3, and spent time talking about what it means, and the awareness around the technology.

“The basic function of the Internet is the transfer of information. Web3 is like an upgrade to the existing information, as it also allows you to transfer value. This unlocks a new wave of applications,” said Neeraj.

Kashif added, “In India, many people are aware of Web3. However, not many people use it, or even if they do, they may not be aware they are using it. For example, the app StepN had hundreds of thousands of users who were not aware they were using a Web3 application.”

The discussion moved to the way decentralised tech is regulated in the country, noting that over the years, India had evolved from banning crypto to regulating it.

“In Web3, the concept of value transfer can be misused. Previously, governments had tried to ban crypto. But now, the understanding of the industry has changed significantly,” Neeraj said, adding:

“In India’s G20 talks this year, there was no mention of a ban. And as the understanding around this sector evolves more regulators will come up with guidelines and regulations.”

Neeraj referred to the Indian government's vocal approach to emphasising the need for creating  a unified global framework for crypto, among other emergent technologies.

In a recent speech, Prime Minister Narenda Modi underscored the urgency of recognising the swift pace of such technological developments and the importance of prioritising their adoption and democratisation on a global scale.

In fact, adoption of blockchain use cases is picking up momentum in India, the panellists noted, referencing examples of various Indian states issuing on-chain land records and educational certificates.

“Developers are working around the clock to make Web3 more secure, scalable and usable. We are reaching scalability and low transaction costs that can enable mass adoption of real, blockchain-based applications. More non-financial use-cases will crop up across social apps, gaming supply chain, asset tracking and management, etc,” said Neeraj.