Odaily Planet Daily News India’s Ministry of Electronics and Information Technology (MeitY) revealed on Wednesday that it hopes to allow users to use encrypted Tokens to digitally sign documents in a new native web browser.
As part of the launch of the Indian Web Browser Development Challenge (IWBDC), the official announcement states, "The browser envisages the ability to digitally sign documents using a crypto token, thereby enhancing secure transactions and digital interactions." The government proposes "support for Web3 " requirements. The total prize pool allocated is approximately $400,000, and the deadline for submissions is July 1, 2024.
The development is significant as India has yet to introduce any legislation on Web3 or cryptocurrencies in parliament, even as its G20 presidency pushes for global rules on cryptocurrencies. India's central bank has opposed the legalization of cryptocurrencies while promoting its central bank digital currency (CBDC).
Despite taxing cryptocurrencies and including them in global anti-money laundering standards, India’s finance ministry has yet to take a formal stance on whether to legalize or ban cryptocurrencies. (CoinDesk)