Blockchain protocol Algorand has introduced AlgoBharat, a project designed to help India transition from the Web2 to the Web3 space. Instead of establishing a registered entity in the country, AlgoBharat will feature a dedicated team that focuses on blockchain utility in India with global relevance.
Anil Kakani, India country head at the Algorand Foundation, highlighted the country's position as the back office of Web2, and emphasized the potential for real-world blockchain use cases in India. The AlgoBharat team has been engaging with the nation's engineering universities and blockchain-friendly states, with plans to engage with regulators this year.
India's stance on crypto has evolved from attempting to ban the industry's access to financial services to implementing a strict tax regimen in 2022. As the current President of the G-20, India is pushing for global consensus on crypto asset rules, while also encouraging the Web3 and blockchain industry to separate itself from crypto.
