TLDR points:
India’s MeitY wants to create an indigenous web browser that supports Web3 and crypto tokens.
India has no clear legal framework for crypto or Web3 yet, despite pushing for global rules and taxing crypto.
The government has launched a competition to develop the browser with a prize of $400,000.
Article:
India’s MeitY, the ministry responsible for electronics and information technology, has announced a new initiative to develop an indigenous web browser that can support Web3 and crypto tokens. Web3 is a term that refers to the decentralized and distributed web, powered by blockchain and other technologies. Crypto tokens are digital assets that can be used for various purposes, such as payments, identity, or governance.
The web browser project is part of the Indian Web Browser Development Challenge (IWBDC), an open competition that invites developers to create a browser with enhanced security and data privacy features. The browser should also have its own trust store, which is a database of trusted certificates and authorities. One of the desired features of the browser is the ability to digitally sign documents using a crypto token, which would enable secure transactions and digital interactions.
The announcement of the web browser project comes at a time when India has no clear legal stance on crypto or Web3. India’s central bank has opposed legalizing cryptocurrency and has been working on its own digital currency, called CBDC. The finance ministry has not decided whether to ban or regulate crypto, but it has taxed it and applied global anti-money laundering standards to it. India has also pushed for global rules for crypto as G20 president.
The IWBDC aims to promote innovation and self-reliance in the field of web technology in India. The total prize money allocated for the challenge is around $400,000 and the deadline to submit the product is July 1, 2024.
