The state government of Telangana announced the launch of the India Blockchain Accelerator plan to foster early-stage Web two.0 and Web 3.0 startups and blockchain developers aimed at solving real-globe challenges. The program will be launched in partnership with unicorn crypto commutation CoinSwitch Kuber and Lumos Labs, a engineering innovation management firm.

In a dialogue with Cointelegraph, Rama Devi Lanka, the director of emerging technology and officer on special duty (OSD), ITE&C department, government of Telangana, highlighted the state's intent to prefer blockchain projects across multiple use cases:

"Some of the interesting employ cases that the land has already piloted in Blockchain include — T-Chits (chit funds in blockchain), supply chain (seed traceability), east-voting (digital voting platform built using blockchain and AI) and more."

According to the official proclamation, the state government's four-month blockchain accelerator initiative will be open to early-stage Spider web ii.0 and Web 3.0 startups and blockchain developers. The programme seeks blockchain-based solutions for real-earth problems across various business verticals, including fintech, entertainment, sustainability, infrastructure and tooling, agritech, logistics and healthcare:

"The Telangana government will help provide the required regulatory framework to enable and promote blockchain growth."

Lanka as well disclosed the government's ongoing efforts in identifying diverse apply cases in nonfungible tokens (NFTs), decentralized finance (DeFi) and other crypto initiatives for mainstream implementation. Acknowledging a bullish intent towards leveraging the upcoming blockchain innovations, she said:

"The authorities of Telangana is too focusing on developing and supporting a large scale of the Indian Blockchain talent pool, hopefully, of around 100K in the next 3–4 quarters. "

Lumos Labs co-founder Kaavya Prasad resonated like sentiments as she highlighted the state government's openness to new blockchain initiatives. She stressed the demand for greater interest towards pilots and production-set applications:

"A collaborative try from various state governments volition further accelerate the growth of this space and we would be able to have more streamlined progress."

Additionally, CoinSwitch Kuber founder and CEO Ashish Singhal said that the best future global startups would run on Web three.0 blockchain infrastructure, focusing on India's potential to go a net exporter of technology:

"Every bit function of the Indian crypto industry, we shall try to collaborate with the state government to work towards the vision of making Telangana the blockchain upper-case letter of the land. "

Related: Bharat to regulate, non ban, crypto: Cabinet documents

A recent report suggested that the Indian government will not impose a blanket ban on cryptocurrencies. According to Indian news outlet NDTV, a note from the Cabinet meeting related to the crypto bill hinted towards an upcoming regulation.

As Cointelegraph reported, local reporter Sunil Prabhu said that the annotation contained suggestions to regulate cryptocurrencies every bit crypto assets, with the Securities and Commutation Board of India (SEBI) overseeing the regulation of local crypto exchanges.