While the central government is still probably debating how to proceed with a blockchain policy the Telangana state government has launched a draft blockchain policy which highlights the frameworks for blockchain ecosystem along with the setting up of a blockchain district within Hyderabad city.
According to TelanganaToday, “Taking a giant leap, the Government of Telangana has conceptualised India’s first Blockchain District which will be a physical area within Hyderabad and will aim to create the world’s best blockchain technology ecosystem,” said the draft policy released by the IT, Electronics & Communications Department of the Telangana government.
The idea behind this initiative is to turn Hyderabad into one of the top 10 cities in the world for blockchain technology. The blockchain district will be located within the city and will house world class facilities to promote research, collaboration within industry, a huge start-up incubator and promote innovation.
Other than these, the policy also looks at providing incentives and subsidies to enterprises, startups and other entities. While for enterprises, 25 per cent subsidy on lease rentals and 50 per cent subsidy on exhibition rentals will be provided.
In addition to that startups working out of this blockchain district will receive 100% reimbursement of State GST. The policy also ensures an R&D grant of up to 10%, and a one time grant of Rs.10 lakh to 10 blockchain startups per year for three years and patent filing assistance as well.
The policy also looks at consideration for sponsorships for entities who may want to organise blockchain-related events at the blockchain district.
It's a great initiative to welcome blockchain startups in the country to setup their companies in this state and provide employment to scores of people as well blockchain products and services to globe.
I hope the government of India takes these developments into consideration while drafting their bill and also considers officially legalising cryptocurrencies and startups working on blockchain technology with tokenisation.
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