Does India’s latest move mean support for the idea of a crypto-friendly future?

• The technology aims to enable digital document signing using crypto tokens within a native web browser.
• It introduces a crypto token-based approach to revolutionize online interactions, emphasizing Web3 support.                        

The Indian Ministry of Electronics and Information Technology (MeitY) unveiled a plan to enable users to digitally sign documents using crypto tokens within a new indigenous web browser. This move comes even as India is yet to introduce any legislative framework in parliament for Web3 or cryptocurrencies.

This is also despite its role in advocating for global crypto regulations as the G20 president. While India’s central bank remains opposed to legalizing cryptocurrencies, it is simultaneously promoting its central bank digital currency (CBDC).

MeitY’s initiative introduces crypto token-based document signatures to revolutionize online interactions

The development announcement was a part of the launch of the Indian Web Browser Development Challenge (IWBDC). The IWBDC is an open competition aimed at creating a native web browser. The browser would have its distinct trust store, advanced functionalities, and heightened security and data privacy safeguards.

The proposed browser is set to empower secure transactions through the utilization of crypto tokens for document signatures. The government also highlighted the crucial aspect of the incorporation of “support for Web3” within the browser’s feature set. By doing so, India aims to stay aligned with the evolving landscape of web technologies and decentralized applications. The IWBDC carries a prize pool of approximately $400,000, with a deadline of July 1, 2024.

India and cryptocurrencies

While India has taken strides to regulate cryptocurrencies, its official stance on their legalization still remains uncertain. Despite imposing taxes and aligning with global anti-money laundering standards, the Indian finance ministry has refrained from firmly endorsing or opposing the use of cryptocurrencies. The emphasis on creating a trust store, enriched functionalities, and robust security measures showcases India’s pursuit of a comprehensive web browsing solution that caters to the contemporary digital landscape.

This move also underscores India’s commitment to Web3 technologies, aimed at integrating blockchain and decentralized applications into mainstream online experiences. Despite the absence of legislation for cryptocurrencies in India, this initiative reveals its dedication to embracing technological advancements.