Bharat Web3 Association gives hope to the weakening crypto and web3 industries in India
The Indian crypto market has formed a new advocacy body for its Web3 and crypto domain, four months after the previous one was banned under mysterious circumstances. The is named Bharat Web3 Association (BWA), which will aim towards a shift in branding in Web3 from the earlier Blockchain and Crypto Assets Council (BACC).
Previously, the BACC was disbanded in July by its parent firm, the Internet and Mobile Association of India (IAMAI). This move, let down several enthusiasts connected to the crypto ecosystem, at a time when the crypto market downturn was at its highest with stiff new taxes and macroeconomic factors hurting the industry and its consumers. India’s strict policies against the crypto industry have been criticized by several economic and financial leaders, especially those related to the crypto industry. Infact recently, the Binance CEO had also stated that India’s strict regulatory crypto taxes would probably “kill the industry”. However, the emergence of the new Bharat Web3 Association brings hopes of renewing the market’s potential.
The primary goals of BWA are to drive awareness about Web3, push for technology and innovation in the crypto and Web3 domain, and support ecosystem partners and outreach regulators to communicate steps toward consumer protection. Besides, the association is being formed in collaboration with two of the biggest giants in the crypto and Web3 space, Coinbase and Polygon. Other companies like Hike, Coin DCX, CoinSwitch Kuber, Zebpay, and WazirX have also emerged as prominent names in the Web3 space in India.
Experts speculate that given the current pace of development of the Web3 community, the entrepreneurial spirit, the sound digital ecosystem, and the adoption will definitely make India the next Web3 leader.