In a bid to empower the blockchain startup ecosystem, the Telangana government in partnership with cryptocurrency exchange CoinSwitch Kuber and innovation management firm Lumos Labs launched India Blockchain accelerator program on Friday. The program is expected to support and equip deep-tech blockchain startups with technical know-how and accreditation from the government. This assistance comes just as the Indian government is mulling over regulations and restrictions to be imposed on the crypto space.
Organised at T-Hub Foundation, IIIT-H Campus in Hyderabad, leading dignitaries from the state government attended the event. With the launch, the state government wants to make Telangana the ‘blockchain capital of the world’, the press release said.
It also stated that it will initiate a formative ecosystem that will allow startups to tackle its business issues. The Telangana government will assist with the required regulatory framework to enable and promote Blockchain growth, the press release said.
A pre-seed/seed investment to the tune of over $700,000 can be raised by entrepreneurs through companies like Woodstock Fund and Lightspeed. Open to early-stage Web2 and Web3 startups as well as blockchain developers, the accelerator program is four months long. Incubation space, ecosystem support, accreditation from government and go –to- market support for potent solutions are what participants will be eligible for.
This development takes place at a time when the crypto space scenario in India is on the verge of facing tough regulatory measures with a proposed legislation to ban cryptocurrencies. The finance ministry drafted proposal is in the queue for cabinet approval before it can be discussed in the Parliament. The government’s whiplash at cryptocurrency began an uproar in the market with heavy losses incurred by existing investors.
The bill in question also seeks to crack down on advertisements for cryptocurrencies that lure new potential investors. The government has said in the past that cryptocurrencies may be used to fund terror activities and for money laundering.
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