Indian IT Minister Backs Crypto and Web3: Rajeev Chandrasekhars Promise

Indian IT Minister Backs Crypto and Web3: Rajeev Chandrasekhars Promise

Read about how India’s Digital India Act (DIA) aims to provide a secure online environment for all digital projects and how the upcoming Digital Personal Data Protection Bill will support startups in navigating regulatory frameworks in the cryptocurrency sector.

Minister Chandrasekhar highlighted the primary objective of the Digital India Act (DIA) to provide a secure and reliable online environment for all digital projects, emphasizing the importance of ensuring a safe internet experience.

As India’s internet user base is set to reach 1.3 billion, addressing online harm and fostering trust becomes imperative to be able to create a thriving digital ecosystem.

The Digital India Dialogues on the Principles of the DIA saw Minister Chandrasekhar taking the stage at Taj Lands Ends in Mumbai on May 22, 2023.

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Addressing the gathering, Chandrasekhar sheds light on the key aspects of the DIA and its significance in shaping the digital landscape of the nation.

“We won’t be ban anything in the innovation space unless it is linked with user harm. We want to lead the charge in Web 3.0 and in AI–with guardrails defined. I am not a big fan of regulatory authorities in the sense that it shouldn’t create another layer of compliance.”

Rajeev Chandrasekhar, Indian IT Minister.

Nonetheless, Chandrasekhar does likewise mention that “the industry can suggest guardrails for blockchain tech and web 3.0.” During the event, Minister Chandrasekhar then responded to numerous inquiries and highlighted a critical aspect of the DIA.

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He emphasized that the DIA would empower sectoral regulatory authorities like the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and other ministries to set up supplementary measures for enhanced safeguards.

Compliance for startups

During his address, the minister likewise placed a spotlight on the significance of recent legislative measures aimed at supporting startups and fostering their growth.

He in particular  mentioned the following Digital Personal Data Protection Bill, which is poised to play a critical role in safeguarding personal data in the digital realm.

It’s worth noting that, the bill will introduce provisions that provides exemptions and extended compliance periods to startups, acknowledging the unique challenges they face in navigating regulatory frameworks.

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The government’s understanding of the importance of supporting startups stems from their critical role in driving innovation, generating employment opportunities, and contributing to the overall economic development of the country.

By supplying exemptions and extended compliance periods, the Government intends to create an enabling environment for startups to succeed in the digital currency sector.

Chandrasekhar’s statements reflect India’s approach to balancing industry development and regulation, which given policymakers comparison of cryptocurrency to gambling in the United Kingdom, may become an example to other countries looking at putting something more concrete in place.


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