India Leverages G20 Presidency To Build Consensus Around Benefits Of Web3 Sumit Gupta CoinDCX

Q1: What are the Web3 players’ expectations from India’s G20 presidency?
As the next iteration of the internet, Web3 promises to serve as the basis for new forms of economic and social interaction arising from platforms that allow people to collaborate, create, exchange, and take ownership of their digital identity and assets.

However, given that the space is complex, dynamic, and disruptive it also poses several challenges to existing principles of regulation.

The industry appreciates that the G20 agenda prominently features the development of global consensus on crypto regulations. Crypto-asstes are a key component of Web3 and we wholeheartedly support the G20’s focus on developing consensus on the matter.

We expect the G20 nations to take a balanced, principle based approach towards regulation. It is important to mitigate the risks associated with this space while ensuring that its potential is optimally harnessed and innovation is encouraged.

We also hope that the G20 will conduct extensive stakeholder and industry consultations while devising its regulatory framework. The Web3 space has several nuances and idiosyncrasies that merit such consultation with subject matter experts, objective third-aprties, and industry players.

Q2: Is India’s position as President of the G20 likely to impact the outcome?
We believe that India’s decision to leverage its presidency to address global challenges, with a specific focus on developing countries and the global south is a critical step in the right direction.

With its wide ranging impact, Web3 will prove to be pivotal in driving growth especially in developing economies like India. It therefore presents a unique opportunity for India and other similar economies to harness its potential to drive growth.

India already plays a critical role in the global Web3 ecosystem by housing 50,000+ Web3 developers and providing 11% of the global Web3 talent. This number is only rising. If the momentum continues, India will be home to a higher number of Web3 unicorns, than what was seen in Web2 in the last 10 years. Estimates suggest that Web3 can contribute USD 1.1 trillion to the Indian economy by 2032.

We hope that India leverages its G20 presidency to build consensus around the benefits of Web3, especially for developing nations, and works towards addressing the risk it poses in a balanced manner.

Q3: Why is there a pressing need for global consensus?
It is now widely acknowledged that the Web3 space is by definition borderless to an unparalleled degree. The risks it poses and the opportunities it offers are universal in nature.

Several nations have tried to unilaterally address these concerns, however owing to its borderless nature, unless there is global consensus on the matter, this space cannot be effectively regulated and nurtured.

Q4: Will Web3 players participate in consultations on the issue?
The Bharat Web3 Association is an industry body uniting leading members from the Indian Web3 ecosystem. It was set up with the primary objective of partnering with the government and help navigate seamless policies for the Web3 space

We are committed to assisting the authorities in any way possible, including but not limited to conducting research, sharing technical expertise/knowledge/data, and setting up a platform for constructive dialogues.