The state government in Telangana in Southern India has announced its initial draft blockchain policy which is expected to be upheld and implemented within a month. The new development will mean that Telangana will become the first Indian state to come up with a pro-blockchain policy.
The capital of the state Hyderabad is aiming to become one of the top 10 blockchain cities in the world. According to the master plan, a blockchain district will be developed in Hyderabad and will invite major blockchain companies from around the world to come and work there. Additional development work will include a world-class incubator, research and development facility, and a blockchain institute.
As per the draft policy, the state will also provide office space at subsidized rates for innovators and students from around the world. A tax break may also be considered to help lure blockchain companies from around the world into the Southern India state.
Speaking with the local publication The Hindu, Jayesh Ranjan, the Principal Secretary to ITE and C Department said:
“THE POLICY WILL BE FINALIZED IN ABOUT A MONTH AFTER WE GET FEEDBACK. WE HAVE CALLED FOR, AND HAVE BEEN RECEIVING GOOD FEEDBACK, FROM INDUSTRY LEADERS AND EXPERTS.”
The Indian government overall is currently in a love-hate relationship with blockchain and its associated technologies. While currently, cryptocurrencies are nearly banned in the country, the government is eager to harness the new sector due to India’s competency in the IT sector and are looking at ways to ease restrictions and help the industry grow in the country. India is also looking to employ blockchain solutions in various fields including agriculture and the public sector.