India Forays Into Web3 With IWBDC Competition Launch

• The IWBDC is an Open Challenge Competition by the Indian ministry.
• The browser foresees crypto token support for digitally signing documents.

Envisioning the crypto industry, India wants to explore more with the development of Web3. As per the press release from the Ministry of Electronics and Information Technology (MeitY) on Wednesday, the browser foresees crypto token support for digitally signing documents, which would further strengthen the security of online transactions and communications.

On the 9th of August 2023, MeitY hosted a Launch Programme for the Indian Web Browser Development Challenge (IWBDC) at the India Habitat Centre in New Delhi.

The IWBDC is an Open Challenge Competition aimed at motivating and enabling tech-savvy individuals throughout the nation to design a web browser that is both native to India and includes a trusted root certificate from CCA India.

This has become a welcome move toward crypto adoption as there was no action from the government so far. Meanwhile, it has also been mentioned that crypto legalization is been opposed by Central Bank already. However, the Central Bank Digital Currency (CBDC) is being promoted by the Central Bank. 

Moving Towards Web3

The press release has included that the secured digital transactions can be built with the help of crypto tokens in the launch of the Indian Web Browser Development Challenge (IWBDC), a public competition creating indigenous web browsers. 

The announcement wrote:

“The IWBDC is an Open Challenge Competition that seeks to inspire and empower technology enthusiasts, innovators, and developers from all corners of the country to create an indigenous web browser with its own trust store with an inbuilt CCA India root certificate, cutting edge functionalities and enhanced security & data privacy protection features.”

However, the Indian Finance Minister, Nirmala Sitharaman laid the base foundation on providing access to Unified Payments Interface (UPI) for crypto transactions back in May 2023. The Indian government wishes to support Web3 amid no clear regulations or laws regarding the crypto sector.

Prolongingly, this could help the crypto industry with enhanced security measures while considering cryptocurrencies. And, the IWBDC launch allotted $0.4M for the winner of the challenge and the deadline for submission is  July 1, 2024.

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