Government’s India Blockchain Program Will Help Cryptocurrency Startups

The Telangana government has joined hands with Indian cryptocurrency exchange CoinSwith Kuber and Lumos Labs for a ‘Blockchain Accelerator’ programme. Startups are expected to get help through this program. Startups interested in the blockchain market can get help such as opportunities, advice, tech support and funding for their projects through this program. The India Blockchain Accelerator is the second edition of the previous T-Block accelerator. The T-Block Accelerator was also started by the Telangana government.

The whole story of cryptocurrency begins with the blockchain itself. That is to say, cryptocurrencies are based on blockchain technology and all their information, called blocks, is cryptographically linked to the blockchain. Blockchain technology currently supports cryptocurrencies, NFTs (non-fungible tokens), and the metaverse.

The Blockchain Accelerator program will run for four months and will only accept applications from early-stage Web2 and Web3 startups and blockchain builders. In addition, entrepreneurs from the eight selected startups will also have the opportunity to receive $700,000 (approximately Rs.5.32 crore) in pre-seed and seed funding from companies such as Lightspeed and WoodstockFund. Members of selected startups will also be given an opportunity to participate in workshops, meet-ups, mentorship and coaching.

This program has started at a time when India is considering what rules to apply to the crypto market. The government has already raised concerns that cryptocurrencies could be used to lure investors with claims of quick income and promote crimes such as terrorist activities and money laundering.

Recently, another big news broke in the crypto market. It was reported that the agenda of Parliament in India included a bill to ban all private cryptocurrencies from operating in the country. The agenda also states that the government wants to bring an official digital currency for India. However, let us tell you that this is the same bill, which was also listed for the budget session, but it was not discussed at that time.