India’s Telangana State to Establish Blockchain District

Asia Blockchain Review
June 7, 2019

The Indian state of Telangana has announced its initiative to create a district to attract blockchain projects, including startups and blockchain research institutes.

According to a May 27th report by The Hindu Business Line, the program specifically targets organizations that develop blockchain-based applications for the banking, finance, and insurance industries; pharmaceuticals and healthcare; logistics and supply chain management; as well as solutions for government sectors.

Tax Incentives and Rebates for Participating Blockchain Projects

The main strategy for attracting industry players to the district will be to offer concessions and substantial benefits, including tax rebates, state subsidies for cloud storage, and financial aid.

Telangana state policy will also aim to establish a co-working space, an international liaison office, a startup incubator, a regulatory sandbox, and a research and development institute.

Blockchain District Comes Amid Uncertainty for Crypto Regulation

The blockchain district was approved in an agreement with IT giant Tech Mahindra last year. Courses on distributed ledger technology will also be designed in cooperation with the Telangana Academy for Training and Knowledge, led by notable figures in the domestic blockchain ecosystem.

Telangana reported last year that it signed a Memorandum of Understanding (MoU) with several blockchain-centric companies regarding a plan to integrate the technology into state services.

However, the future of cryptocurrencies in India remains uncertain. Regulatory pressure from the government has recently forced many crypto exchanges based in India to shutter services.

Source: cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korea’s Postal Service to Adopt Blockchain for Billing
South Korea’s national postal service is partnering with Coinplug to apply the technology to its bil...

June 19, 2019

Relex Crypto Platform Endorsed by Over $600M Vietnam Seaport Project
The investment platform has been endorsed by a seaport development project in its request for invest...

June 18, 2019

South Korean Power Providers to Set up Blockchain System for Energy Certificates
The agreement will establish a blockchain-powered system to improve transparency and efficiency of t...

June 18, 2019

‘F1 Delta Time’ Offers In-Game Items Stored on Blockchain
A Hong Kong-based game developer is integrating blockchain into its titles to allow permanent owners...

June 18, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us