The Bharat Web3 Association (BWA), a prominent advocate for Web3 in India, has taken significant steps toward global collaboration by signing Memorandums of Understanding (MoUs) with two key international blockchain organizations. These agreements were made with the Digital Economy Council of Australia (DECA) and Asosiasi Blockchain Indonesia, signaling a commitment to align India’s Web3 sector with global standards and best practices. DECA, formerly known as Blockchain Australia, serves as the peak body for blockchain innovation in Australia, while Asosiasi Blockchain Indonesia works to mobilize and organize blockchain technology in the region.
By forming these partnerships, BWA aims to establish a collaborative framework that promotes knowledge sharing and the development of global standards within the Web3 landscape. The MoUs will drive blockchain innovation and adoption across borders, providing opportunities for knowledge transfer and contributing to the growth of India’s burgeoning Web3 industry.
The Economic Potential of the Web3 Sector
The importance of the Web3 industry is already evident in several countries. In Australia, the sector contributes approximately AU$2.1 billion (USD 1.428 billion) and employs over 11,600 skilled professionals. Similarly, Indonesia’s Directorate General of Taxes at the Ministry of Finance reported that tax revenues from the Virtual Digital Asset (VDA) industry reached Rp798.84 billion (USD 52.01 million) between May and June, accounting for 3% of total tax revenues from digital economic activities. In India, the Web3 industry contributed over Rs 1,260 crore (USD 150 million) in taxes in the last fiscal year. These figures underscore the significant economic potential of the Web3 sector in fostering economic growth and job creation in these regions.
The signing of the MoUs is expected to further enhance the role of the Web3 industry in driving economic development. By aligning with international standards, BWA aims to boost India’s Web3 capabilities, positioning the country as a major player in the global digital economy.
Advancing Blockchain Innovation Through International Cooperation
Dilip Chenoy, Chairperson of the Bharat Web3 Association, highlighted the significance of these MoUs for BWA. He emphasized that by partnering with DECA and Asosiasi Blockchain Indonesia, BWA aims to elevate global Web3 standards, drive innovation, and advocate for policies that promote the widespread adoption of blockchain technology. This collaboration seeks to strengthen both domestic and international efforts to create a robust ecosystem for Web3 businesses and initiatives.
Chenoy further noted that India, being the third-largest digitalized economy globally, presents an ideal environment for Web3 innovation. He expressed confidence that India has the potential to become a global delivery center for Web3 products and services. The partnerships with international organizations are expected to open up new opportunities for Indian companies by offering them access to best international practices, which will facilitate seamless business operations with global counterparts.
BWA’s global partnerships with industry bodies in Australia and Indonesia are seen as part of a larger strategy to create a homogeneous global Web3 ecosystem. This collaborative approach will empower Indian Web3 developers by giving them access to advanced tools and technologies through workshops and training programs. These initiatives are aimed at strengthening India’s digital infrastructure and accelerating the country’s adoption of blockchain technology.
Fostering Cross-Border Blockchain Adoption
The partnerships with DECA and Asosiasi Blockchain Indonesia are seen as pivotal to fostering cross-border blockchain adoption. Asih Karnengsih, Executive Director of Asosiasi Blockchain Indonesia, expressed optimism about the collaboration, highlighting that it presents an opportunity to empower the region through shared initiatives, knowledge exchange, and joint projects that will drive impactful results.
Similarly, DECA, representing Australia’s blockchain, Web3, and cryptocurrency industries, expressed enthusiasm about the partnership with BWA. A DECA spokesperson acknowledged the potential for growth in both India and Australia’s Web3 sectors. By creating opportunities for collaboration among their members, DECA hopes to see continued expansion of the industry across international borders.
Supporting India’s Ambition for a $1 Trillion Digital Economy
This collaboration is seen as crucial for India, which has set its sights on becoming a $1 trillion digital economy. As India aims to position itself as a leader in digital infrastructure and services, the regulatory frameworks and policies established by DECA and Asosiasi Blockchain Indonesia can offer valuable insights and support for India’s Web3 sector. These MoUs will pave the way for joint initiatives focused on key aspects of the Web3 ecosystem, including research, education, and advocacy.
By working together, these international bodies will help accelerate blockchain technology adoption in India, Indonesia, and Australia, promoting Web3 innovation among various stakeholders. The combined efforts of BWA, DECA, and Asosiasi Blockchain Indonesia will ensure that all parties benefit from shared resources and expertise, driving the global development of the Web3 sector.
A Vision for a Stronger, Global Web3 Ecosystem
The partnership between Bharat Web3 Association, DECA, and Asosiasi Blockchain Indonesia is expected to have far-reaching effects on the Web3 industry in the respective countries. Through collaborative projects, shared knowledge, and a focus on education and advocacy, the organizations hope to build a more interconnected global Web3 ecosystem. As the industry continues to grow, the partnerships will empower stakeholders in India, Australia, and Indonesia to embrace the full potential of blockchain technology, creating opportunities for innovation, job creation, and economic growth in the digital age.