The Indian government is preparing to enable its citizens to digitally sign documents by using cryptocurrency tokens. This significant development aims to enhance transaction security as part of a project to create a domestic web browser.
The Ministry of Electronics and Information Technology (MeitY) disclosed the launch of the Indian Web Browser Development Challenge on August 9.
In the press release, it is stated:
“The browser envisions the ability to digitally sign documents using a crypto token, bolstering secure transactions and digital interactions.”
The announcement was a component of the introduction of the Indian Web Browser Development Challenge (IWBDC). The IWBDC constitutes an open contest to produce a domestic web browser equipped with its unique repository of trusted certificates, advanced capabilities, and heightened safeguards for security and safeguarding of data privacy.
The competition will have three phases as outlined in an official statement. Round one will have a maximum of 18 entrants, followed by a reduction to eight participants in round two. The ultimate winner will receive a prize of around $411,000. Since the announcement’s release, more than 200 entities, encompassing individuals, governmental bodies, educational establishments, corporations, and others, have registered for participation.
Enhanced Significance for Web3
This advancement holds considerable importance since the Indian government has not introduced any legislative measures concerning cryptocurrencies in the parliament. It’s worth mentioning that activities, like crypto trading and investment, are subjects to taxation in this area.
Simultaneously, India has been advocating for international regulations on cryptocurrencies. Finance Minister Nirmala Sitharaman recently acknowledged that the G20 nations have embraced the elevated proposals by the Financial Stability Board regarding activities involving crypto assets and worldwide stablecoin arrangements. As a point of reference, India presently holds the presidency of the G20.