The Bharat Web3 Association (BWA) has made a smart move by partnering with the Digital Economy Council of Australia (DECA) and Asosiasi Blockchain Indonesia. It is a strategic effort to connect India’s Web3 sector with global standards and practices.
India is on the verge of becoming a leader in the digital economy. It is currently the third-largest digital economy in the world. The country has the potential to use blockchain technology for significant growth. The Web3 sector has already contributed over ₹1,260 crore (around USD 150 million) in taxes in the last fiscal year.
DECA represents a Web3 sector worth AU$2.1 billion in Australia and Asosiasi Blockchain Indonesia is well-known for its efforts in promoting blockchain in Southeast Asia. India can learn from successful strategies used in these regions. The cooperation will allow Indian businesses to adopt best practices.
BWA Chairperson Dilip Chenoy has pointed out that the partnerships aim to shape global standards and push for policies that support the widespread use of blockchain technology. This is a key point and without a common approach to regulations.
Benefits of the collaboration go beyond just economic numbers. The partnerships can help to build a lively ecosystem. Workshops and training programs can equip Web3 developers in with the required tools to navigate the complexities of blockchain technology.
It is important for India to take advantage of the partnerships in the future and establish itself as a leader in the global Web3 space. Digital economy is changing rapidly and the proactive approach can help India in becoming a key player in the blockchain technology.
