India Sets Stage for Web3 Revolution: Parliamentary Committee to Examine Virtual Digital Assets

The Indian Parliamentary Committee on Finance will examine 'A Study on Virtual Digital Assets (VDAs) and Way Forward' in the fiscal year 2024-25. This move underscores India's focus on digital asset technologies, aiming for a balanced regulatory framework to foster innovation and economic growth.

In a significant step toward integrating Web3 technologies, India's Parliamentary Standing Committee on Finance has chosen 'A Study on Virtual Digital Assets (VDAs) and Way Forward' for detailed analysis during the fiscal year 2024-25. This subject selection, announced in the latest Lok Sabha Bulletin-Part II, emphasizes the country's growing attention on emerging digital asset strategies.

The initiative was preceded by a proposal from a delegation of major Web3 and digital asset entities, including Digital South Trust and Bharat Web3 Association. These stakeholders formally presented policy recommendations, advocating for supportive regulations to propel India towards a USD 100 billion Web3 economy by 2035, with the potential to generate millions of jobs and attract significant foreign investment.

According to industry leaders like Sudhakar Lakshmanaraja and Vedang Vatsa, this move positions India as a leader in the Web3 domain, offering clarity needed for innovation and growth. Their vision is that VDAs, integral to the decentralised Web3 ecosystem, can significantly contribute to national development goals like Digital India and Viksit Bharat 2047, by enabling an inclusive financial system.

(With inputs from agencies.)