- Indian Ministry enables crypto tokens for digital signing in a new web browser, on Wednesday.
- Despite G20 crypto advocacy, India lacks a clear stance on crypto legalization.
- Indian Web Browser Challenge promotes indigenous browsers with secure features and root certificates.
On Wednesday, the Indian Ministry of Electronics and Information Technology (MeitY) announced its intention to enable users to utilize crypto tokens for the digital signing of documents within a newly developed domestic web browser. This revelation holds particular importance due to India’s lack of parliamentary action regarding Web3 or cryptocurrency regulations, despite its advocacy for international crypto standards during its G20 presidency. Notably, while India’s central bank has shown resistance to legalizing cryptocurrencies, it has concurrently advocated for its own central bank digital currency (CBDC).
Although the Indian finance ministry has subjected crypto to taxation and incorporated it into worldwide anti-money laundering norms, an official stance on the legalization or prohibition of cryptocurrencies has not yet been adopted.
The proposal was included in the Indian Web Browser Development Challenge, launched on August 9. This initiative aims to encourage and empower developers from across the nation to craft a native web browser featuring an integrated Controller of Certifying Authorities (CCA) India root certificate. As per the official statement:
“[The] Proposed browser would also focus on accessibility and user friendliness, ensuring built-in support for individuals with diverse abilities.”
Indian Ministry
The competition will span three rounds: during the initial round, participation will be restricted to 18 contenders; following the second round, the field will narrow to eight participants, and ultimately, the ultimate victor will be awarded approximately 34 million Indian rupees (equivalent to $411,000).
The announcement further states that the browser envisions the capacity to digitally sign documents using a crypto token, enhancing secure transactions and digital interactions. This competition seeks the creation of an indigenous web browser with its own trust store, advanced functionalities, and enhanced security and data privacy protection features.
Meanwhile, in August, the lower house of India’s parliament granted approval to a bill aimed at relaxing data compliance regulations for prominent technology corporations. The Digital Personal Data Protection Bill 2023 intends to streamline the standards related to storage, processing, and transfer for major global tech players such as Google, Meta, and Microsoft, as well as for domestic enterprises.
