Southern Indian State Set To Establish Crypto-Centric District For New Blockchain Projects
Southern Indian State Set To Establish Blockchain District For Start-ups
A state in India, the state of Telangana on Monday, May 27, 2019, announced its readiness to set-up the first blockchain district in the State. The aim of the district is to establish an ecosystem for blockchain startups and research institutes.
A Noble Effort
Although the district’s effort will attract all manner of innovations and inventions, it tends to have soft spot for blocking applications that tilts towards the banking sector, insurance, financial services, healthcare, pharmaceuticals, logistics, and supply chain and solutions to government sectors and agencies.
According to a local newspaper, The Hindu Business Line who reported the news on May 27, the main idea behind the creation of the district was a noble one. The state will offer substantial concession and benefit, including tax relief, state-sponsored cloud storage subsidies and financial grants for the startups.
According to the report, some of the benefits include the relief of India’s goods and Services Tax (GST) for a period of three years, others include a 75% subsidy in travel expenses when the experts travel for conferences and also a 25% reimbursement of internet costs. Projects can also expect a one-time grant of $14,400.
A senior executive at the State’s IT Ministry was quoted to have stated that the state will provide a special package for mega blockchain projects which will be beneficial to the state.
The blockchain district policy will be structured in a way that it will provide enough space for an international liaison office, an incubator for early-stage blockchain startups, a regulatory sandbox and also an R&D institute in the state of Telangana.
The noble idea was birthed in an agreement with India multinational provider Tech Mahindra last year. The policy will also go to the classroom, as it will cooperate with the Telangana Academy for skill and Knowledge and will involve teaching citizens to top blockchain oriented courses.
The state of Telangana, just like most states in India, is trying to inculcate the blockchain technology. The state last year signed several memoranda of understanding with blockchain firms with the view of implementing the technology in state-owned applications and in government agencies.
The decision to open up the country for innovation is creating a host of opportunity for India, Bitcoin Exchange Guide reported early this month that Ripple is opening a new corridor between Saudi Arabia to India for cross border remittance.
Although there are lots of financial service providers in both the Middle East and North Africa, Ripple is exploring the new opportunity offered to innovations to open up a new corridor between the two countries.
The new service will greatly reduce financial stress in both countries and open the second largest country in the world to the latest financial technology that Ripple has to offer.
The monstrous population of India is one of the major reason start-ups and innovations are trooping into the country, and with the new open policy, India might just be the next big thing in the cryptocurrency and blockchain sector.