The Telangana Government on Wednesday signed an Memorandum of Understanding (MoU) with Bharat Web3 Association (BWA), an organisation representing top Web3 technology companies, to explore the potential benefits of Web3 technology.
Under this partnership, BWA will work with the Telangana government to build a Web3 ecosystem in the state. This will be achieved through the organisation of events, seminars, and roadshows, as well as by facilitating discussions around Web3 technology.
BWA will also facilitate the exploration of potential synergies between its members and the Telangana government, aimed at utilizing the sandbox environment to its fullest potential.
Apart from this, Bharat Web3 Association will mentor and advise selected cohorts in their endeavour to utilise opportunities in Web3 and related technologies, as presented by the ITE&C department. BWA will also appoint a nodal officer to speed up the implementation of policies.
The announcement was made in the presence of Jayesh Ranjan, Principal Secretary to Government of Telangana- Industries & Commerce (I&C) Department, & Information Technology, Electronics & Communications (ITE&C) Department, Rama Devi Lanka, the Director of Emerging Technologies for the state of Telangana, and Kiran Vivekananda, Chief Policy Officer at CoinDCX and Director, Bharat Web3 Association.
Speaking on this occasion, Jayesh Ranjan, Principal Secretary to Government of Telangana - Industries & Commerce (I&C) Department, & Information Technology, Electronics & Communications (ITE&C) Department, said, “The signing of this MoU marks a significant milestone in our efforts towards establishing a leading ecosystem for the Web 3 space in India. We believe that this partnership will help us unlock immense value to the startups and enable us to expand the frontiers of possibilities in this rapidly growing and dynamic sector.”