India Sets Sights on Becoming a Web3 Powerhouse with VDA Focus

In a strategic move that underscores India's growing commitment to emerging technologies, the Parliamentary Standing Committee on Finance has announced a comprehensive study on 'Virtual Digital Assets (VDAs) and Way Forward' for the fiscal year 2024-25. The subject, listed as Item No. 3141 in the Lok Sabha Bulletin-Part II on August 14, aims to delve into the economic potential and regulatory requirements of digital assets amid increasing global discourse on their role in shaping modern economies.

The decision follows an important submission in late July by prominent stakeholders from the digital asset and Web3 sectors. Companies like Digital South Trust, Bharat Web3 Association, Hashtag Web3, CoinDCX, BlockOn Ventures, and KoinBX advocated for policies that would pave the way for a $100 billion Web3 economy by 2035. They stress that suitable regulations could spur the creation of over 7 million jobs in India, attract $2 billion in annual foreign investment, and foster transparent, inclusive financial systems.

Digital South Trust Founder Sudhakar Lakshmanaraja noted that India could become a global leader in the Web3 arena with a conducive regulatory framework for VDAs. Vedang Vatsa, of Hashtag Web3, echoed these sentiments, emphasizing the transformative potential of digital assets in fostering growth across industries. Web3's decentralized model, anchored by blockchain, promises user control, data ownership, and transparency, offering untapped economic opportunities through cryptocurrencies, stablecoins, and tokenized assets. As the committee embarks on its comprehensive study, the nation stands poised to capitalize on this digital evolution, aligning with long-term development goals such as Digital India and Viksit Bharat 2047.