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

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