After crypto crash & tax rollout, focus shifts to India’s Web3 play

economictimes.indiatimes.com:

As crypto evangelists and investors adapt to Indian tax rules and operational protocols, and the virtual currency market stabilises, the focus has now shifted to the much-talked-about Web3 space. Experts say with India having a large number of retail crypto customers and Web3 developers, it’s in a unique position to play a key role. A quick 5G rollout and government support will boost India’s play, Partha Sinha reports… Two months after the crypto crash, the virtual currency market is showing signs of stability with the price of Bitcoin, the oldest and the most popular one, hovering around the $20,000-mark for weeks now. In India, crypto exchanges, facilitators, and investors are adapting to new tax rules and operational guidelines. With talks of an existential crypto crisis mitigating, tech entrepreneurs and developers who are in the Web3 space are once again becoming hopeful. According to industry leaders, India has played a key role in the Web2 space globally. While Web 2 are websites and applications that make use of user-generated content like Facebook and Wikipedia, Web3, at its core, uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership of digital assets. Thoughthese are early days, there are indications that Indians will once again play an important role in the development and growth of Web3, metaverse, and the blockchain space, say industry experts.ENTER YOUNG ENTREPRENEURS

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