BWA Drives Internet-Fueled Blockchain Adoption Across Australia and Indonesia

Strategic Partnership for Blockchain Growth

The Bharat Web3 Association (BWA) has made a significant move by signing a memorandum of understanding (MoU) with the Digital Economy Council of Australia (DECA) and Asosiasi Blockchain Indonesia.

This partnership is designed to spur innovation and accelerate blockchain adoption, aligning members with international standards and best practices.

Why This MoU Matters

• Knowledge Sharing: The collaboration promotes an environment of knowledge-sharing and development.
• Global Standards Establishment: Aims at setting global standards within the Indian Web3.0 ecosystem.
• Industry Growth: India, being the third-largest digital economy, is poised for a Web3 revolution.

BWA chairperson Dilip Chenoy acknowledges, "India is the third largest digitalised economy in the world, which offers fertile ground for Web3 innovation and enables India to become a global delivery centre for Web3 first products and services." This statement aptly highlights the immense potential at hand.

Moving Towards a Regulatory Framework

Earlier, BWA partnered with the Telangana government for projects like the transfer of funds to women and blockchain tokenisation of real estate under a regulatory sandbox model.

The need for a regulatory sandbox is emphasized as it creates a controlled environment for businesses to experiment and innovate within regulatory bounds. Notably, the Karnataka government is also considering BWA’s proposal for setting up a regulatory sandbox.

• Over 1,000 Web3.0 startups are already thriving in India.
• Notably, India accounted for 12% of global Web3.0 developers in 2023.

This significant growth from a mere 3% in 2018 showcases the rapid evolution of the Web3 landscape.