Bharat Web3 Association Notes India’s Interest In DeFI
India is becoming a popular startup hub for Web3 projects due to its large developer talent pool. The Bharat Web3 Association (BWA), established in November, aims to bridge the communication gap between industry players and the government. The BWA believes Indians could increase DeFi experiments due to its tax-free, cheap alternatives to traditional banking services.
Indians are increasingly interested in the DeFi sector due to its growing number and use-cases, including loans and exchanges. The highest value of DeFi transactions for individuals and retailers is in India, driven by the large volume of remittances sent through cryptocurrency. India is among the fastest global adopters of DeFi, which can improve financial inclusion by expanding credit access to MSME sector and those unable to access banks. The International Monetary Fund (IMF) and the Financial Stability Board (FSB) are expected to jointly present a synthesis paper on their crypto rules suggestions by the end of this month.
(With inputs from Shikha Singh)
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