Telangana joins CoinSwitch Kuber and Lumos Labs to launch an ‘India Blockchain Accelerator’ for startups.

A ‘Blockchain Accelerator’ would provide select entrepreneurs with the essential help to flourish before India decides on the laws and regulations for the crypto market. To kick off the blockchain education effort in India, the Telangana government has signed agreements with cryptocurrency exchange CoinSwitch Kuber and innovation management business Lomos Labs.

Entrepreneurs interested in entering the blockchain area may use the effort to learn about available possibilities, mentorship, technical help, and funding options for their initiatives. T-Block Accelerator, a Telangana-based initiative, is the second iteration of India Blockchain Accelerator.

Blockchain is the technology that underpins cryptocurrency, and it is made up of blocks of data linked together by encryption. Bitcoins, non-fungible tokens (NFTs), and the metaverse are all supported by blockchain technology at the moment.

The initiative will run for four months and will accept applications from early-stage Web2 and Web3 firms, as well as blockchain developers.

Entrepreneurs from eight selected firms will also be able to obtain up to $700,000 (about Rs. 5.32 crore) in pre-seed and seed capital from organizations such as Lightspeed and WoodstockFund.

India crypto bill Source

Members of the selected startups will also get access to workshops, meet-ups, mentoring and coaching.

“Right present, anyone starting an internet business must pay 70% of its revenue to overseas infrastructure providers, and capital is scarce.” “The blockchain trade is developing a whole new Internet,” stated Ashish Singhal, Founder of CoinSwitch Kuber.

The move comes as India considers what laws to apply on the crypto market.

The administration has voiced worry that cryptocurrency may be used to deceive investors, as well as to support terrorist operations and money laundering.

The crypto market was recently jolted by rumors that the Indian Parliament’s agenda included a measure that sought to outlaw any private cryptocurrencies from functioning in the nation. The agenda also said that the government intends to introduce an official digital currency for India.

It should be noted, however, that this exact identical measure was also scheduled for the Budget Session but was not considered at the time.

The finance ministry’s plan is currently seeking cabinet clearance before it is sent to Parliament.

Earlier this month, Prime Minister Narendra Modi’s Twitter account was momentarily hijacked, resulting in a message declaring that India had “formally recognised Bitcoin as legal cash.”

After the problem was taken to Twitter, the Prime Minister’s Office later said that the account was quickly protected.

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