Indian IT Minister Pledges Support for Crypto, Web3 and Startups

• Rajeev Chandrasekhar, Indian IT minister, pledges support for crypto and web3
• Minister Chandrasekhar highlighted the primary objective of the Digital India Act (DIA) to provide a secure and reliable online environment for all digital projects
• He emphasized that the DIA would empower sectoral regulators like the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and other ministries to establish supplementary measures for enhanced safeguards

Indian IT Minister Pledges Support for Crypto and Web3

Rajeev Chandrasekhar, Indian IT minister, has pledged his support for crypto and web3 during an event held at Taj Lands Ends in Mumbai on May 22, 2023. The event was part of a series called ‘Digital India Dialogues on the Principles of Digital India Act’ (DIA). The minister highlighted the primary objective of DIA to provide a secure and reliable online environment for all digital projects.

Safe Internet Experience Imperative

As India’s internet user base is set to reach 1.3 billion, addressing online harm and fostering trust becomes imperative in order to create a thriving digital ecosystem. Minister Chandrasekhar also mentioned that “we will not ban anything in the innovation space unless it is linked with user harm”. He also mentioned that he wants to lead the charge in Web 3.0 and AI with guardrails defined without having another layer of compliance imposed by regulators.

Data Protection Bill

The minister placed a spotlight on recent legislative measures aimed at supporting startups such as upcoming Digital Personal Data Protection Bill which is poised to play a vital role in safeguarding personal data in the digital realm. Notably, this bill will introduce provisions that grant exemptions and extended compliance periods to startups, acknowledging their unique challenges they face when navigating regulatory frameworks.

Supporting Start-Ups

Chandrasekhar emphasized that government recognizes importance of supporting startups in driving innovation, job creation as well as economic growth within nation. To this end, several measures have been introduced such as Startup India program which provides incentives such as tax holidays or access to grants/funds etc., helping them build their businesses successfully without having any financial constraints.

Conclusion

In conclusion, Minister Chandrasekar’s speech highlighted importance of providing safe internet experience while also offering support towards budding start-ups through various incentive programs such as Startup India program which provides tax holidays or access to grants/funds etc.. These initiatives are expected help foster trust among users while creating conducive environment for digital projects leading towards growth & development within nation’s economy