India Blockchain Forum (IBF), a prominent blockchain platform, has revealed an extensive array of recommendations designed to shape the trajectory of the Union Budget 2024. These proposals strategically align with the overarching goals of establishing a transparent regulatory framework, fostering innovation, nurturing ecosystem growth, and catalyzing societal impact. The proposed measures advocate for the establishment of a clear regulatory framework that embraces a risk-proportionate approach, creating a conducive environment for experimentation and sustainable growth within the blockchain industry. A key aspect of these recommendations is the implementation of a regulatory sandbox, aimed at encouraging innovation and providing a platform for industry players to test new ideas.
Sharat Chandra, Co-Founder of India Blockchain Forum, emphasized the transformative potential of these recommendations for India. By embracing these measures, the Union Budget 2024 could position India as a global blockchain hub. This, in turn, would empower Indian startups to compete on an international scale, fostering a more inclusive, efficient, and sustainable future for the country's citizens.
IBF's comprehensive recommendations extend beyond regulatory considerations. They underscore the significance of skilled workforce development, international collaboration, and robust research and development (R&D) funding to fortify India's position in the global blockchain landscape. Additionally, IBF advocates for tax incentives, angel investor tax exemptions, improved startup funding infrastructure, and dedicated efforts toward blockchain infrastructure development.