On March 2, 2024, Gandhinagar, the vibrant capital of Gujarat, came alive with the Blockchain Summit. Gujarat Blockchain Summit 2024 drew a diverse group of participants including government officials, regulators, innovative blockchain developers, insightful scholars, angel investors, and dynamic startup founders.

The summit organized with different agendas, focused on pivotal aspects of blockchain technology. Discussions spanned various critical topics, from the Blockchain’s integral role in shaping future infrastructure to strategies for navigating the complex investment landscape and pioneering the foundational blocks of next-generation blockchain innovations.

The prestigious venue, GIFT City, which stands as India’s inaugural International Financial Services Centre (IFSC), was a standout feature of this gathering. GIFT City distinguishes itself by offering a plethora of advantages, such as significant tax breaks and specialized regulatory frameworks, designed expressly to bolster Fintech innovations.

The Crypto Times exclusively covered the Gujarat Blockchain Summit, providing detailed insights and comprehensive coverage. Through this editorial, we aim to present a glimpse of the summit, enabling our readers to take away the essential highlights and transformative ideas shared during the event.

Gujarat Blockchain Summit 2024’s Highlights 

1. Blockchain is a Symbol of Integrity: Honorable BJP MLA Shri Amit Thaker 

The occasion was inaugurated with the ceremonial lighting of lamps, performed by the esteemed BJP MLA of Vejalpur, Shri Amit Thaker.

At the Gujarat Blockchain Summit 2024, BJP MLA Shri Amitbhai Thaker highlighted India’s advancements in blockchain technology, emphasizing the country’s growing expertise and its potential to shape the future. 

Shri Amitbhai Thaker praised India’s embrace of blockchain since its inception in 2009, highlighting its significant impact on the nation’s economic and technological progress. He emphasized the critical role of developing human infrastructure to maximize the benefits of blockchain technology. “It ensures India’s prominent position on the global stage”, he affirmed. 

Well respected MLA also lauded the Gujarat government’s efforts under Honorable Chief Minister Shri Bhupendrabhai Rajnikant Patel. Gujarat government is working on to create an environment that nurtures innovation and supports the growth of blockchain businesses.

Also Read: Honorable BJP MLA Amit Thaker Highlights Blockchain’s Economic Impact on India

During his speech, Shri Amitbhai Thaker also reflected on the importance of quality and reliability in the blockchain industry, especially for startups aiming to meet high community standards and international expectations. 

He stressed the prestige of the blockchain community and the vast business opportunities it offers, cautioning that survival in this sector hinges on delivering high-quality, reliable products. 

Shri Amitbhai Thaker’s narrative also included India’s economic growth trajectory, highlighting its journey from being considered a ‘3rd class economy’ to its aspirations of becoming the world’s third-largest economy, fueled by technological innovation and a progressive outlook. 

2. Creating Regulatory Environment That Suits Web 3 Innovations and Blockchain Startups Within IFSCA: Head of IFSCA 

At the Gujarat Blockchain Summit 2024, Mr. Joseph Joshy, the Chief General Manager at the International Financial Services Centres Authority (IFSCA), invited blockchain enterprises and startups to engage with India’s premier International Financial Services Centre (IFSC), the Gujarat International Finance Tec-City (GIFT). 

Mr. Joshy also addressed the regulatory landscape, emphasizing IFSCA’s unique position as India’s only regulatory body with a framework for emerging technologies and its innovative sandbox projects like the tokenization of green bonds. 

He highlighted the necessity for crypto businesses to adhere to IFSCA’s regulations to operate within its jurisdiction, reflecting a balanced approach to fostering innovation while ensuring compliance. 

Also Read: Mr. Joseph Joshy Invites Blockchain Businesses to India’s First IFSC Zone

This stance highlights the authority’s commitment to shaping a future where technological advancements are integral to India’s economic growth, aligning with the Prime Minister’s vision of integrating finance and technology.

Mr. Joseph Joshy highlighted GIFT City’s strategic role in enhancing technology-driven financial services and its unique offerings, such as transactions in foreign currencies, significant tax incentives, and an innovation-friendly environment. 

This initiative aligns with the vision of harnessing finance and technology to bolster India’s economy and marks GIFT as a pivotal player in India’s ambition to become an economic superpower, particularly in the blockchain and fintech sectors.

“On Shoring offshore, that’s what we want to do at IFSC”, Mr. Joseph Joshy said.

3. Blockchain Wil Play Pivotal Role In Carbon Trading: Mr. Pranav Pandya, Chairman of GESIA

Mr. Pranav Pandya elaborated on the transformative potential of blockchain technology in fostering a transparent, peer-to-peer ecosystem for businesses. He emphasized, “Blockchain extends beyond merely enhancing transparency; it fundamentally eradicates the need for intermediaries, streamlining operations directly between parties.”

Moreover, Mr. Pranav Pandya discussed how blockchain can build trust in business, making sure everyone gets a fair chance. This technology supports honesty and gives every business, big or small, the opportunity to succeed. He also stressed the importance of blockchain in today’s business world, highlighting its role in promoting fair and transparent practices.

4. “Investment isn’t the problem, but having a foolproof plan is”: Panel of Investors 

While discussing the accessibility of funding, a panel of investors—namely, Dr. Neha Sharma (Founder and Director, Accelerate India), Mr. Amit Mehra (Partner, Borderless Capital), and Mr. Milapsinh Jadeja (Founder, Iroller Capital)—emphasized their approach and that of other angel investors in selecting startups for investment.

Regarding how global businesses can support Indian blockchain-based startups, Dr. Neha Sharma highlighted the potential of blockchain solutions to perform at a global level, noting the keen interest from international companies in Indian ventures. She referenced the example of El Salvador, which adopted Bitcoin as a legal tender in 2021, thereby boosting financial inclusion and providing transaction services in remote areas previously unserved by traditional banking.

Mr. Amit Mehra pointed out that the biggest challenge in adopting cryptocurrency and blockchain technology is securing regulatory approval. He mentioned that the proliferation of hacks and cybersecurity threats poses significant challenges for startups in the sector.

Mr. Milapsinh Jadeja offered words of encouragement to startup founders, stating, “If your idea is right and your startup is performing well, business will happen, and the right kind of investment will come to you.” He emphasized the extensive support available in the market, including assistance from government and public sector entities.

5. Rajesh Kumar Gupta, Director at UIDAI

Mr. Rajesh Kumar Gupta, Director at UIDAI, stated that blockchain provides robust features for data security and privacy, offering significant protection for Aadhaar card data. The UIDAI has proposed a model that employs the Ethereum blockchain to create a digital Aadhaar identity. This model allows users to take control of their identity by establishing a digital wallet where their identity documents are secure, verified, and endorsed by permissioned participants.

Additionally, the government is actively developing the Digilocker app, aiming to deploy it on the blockchain to enhance its authenticity.

Also, during the panel discussion, many speakers affirmed that blockchain can ease the process of onboarding bank customers during digital identification. Additionally, it will play a pivotal role in preventing identity theft within the digital infrastructure.

Apart from these, a lot of blockchain startups and speakers including Mr. Kumar Vivek, IRS Joint Commissioner, Ministry of Finance participated in the Gujarat Blockchain Summit 2024. He provides some insight about how Finance Ministry is working on Blockchain-based solutions.  Also, to promote women’s empowerment in the Web 3.0 space, a panel discussion was organized.

Key Takeaways of Gujarat Blockchain Summit 2024

While discussing with regulators and government officials, The Crypto Times discovered that Indian authorities maintain a skeptical stance toward the cryptocurrency and blockchain landscape. Currently, the government lacks a comprehensive framework or tools to analyze businesses operating within this domain, essential for ensuring consumer protection and safeguarding end users.

In a conversation with one of the regulators, they mentioned, “We don’t want to fall behind in the technological race.” While countries like the U.S. are embracing the mainstream adoption of cryptocurrencies, highlighted by the approval of a Bitcoin Spot ETF, India is closely monitoring these developments. The regulator hinted, “We might see a regulated crypto market in India in the future,” affirming a potential shift in policy.

It’s widely known that the crypto space is currently fighting with malpractices and opportunists. Therefore, regulators and the government must implement measures that protect consumers. 

This cautious approach signifies the authorities’ intent to thoroughly understand and evaluate the sector before fully committing. In other words, they want to ‘test the waters’ rather than diving headfirst into the rapidly evolving and unpredictable crypto environment. 

The government’s primary goal is to strike a balance between innovation and ensuring robust consumer protection, setting the stage for a potentially regulated yet vibrant cryptocurrency market in India.