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What's new today: Can Elon Musk influence Dogeliens to top the crypto market just like Dogecoin and Shiba Inu? FM Sitharaman urges IMF to play a lead role in crypto regulation.
Fast-Trach Insights: Web3 ecosystem in India is growing fast and it will retain the country's tech dominance in the world; Gartner survey reveals that the government sector's tech buying cycle is significantly delayed.
Amid debates and discussions around crypto regulation, Finance Minister Nirmala Sitharaman has urged the International Monetary Fund (IMF) to take lead in the issue. The minister has called for a global coordinated and synchronized approach to crypto assets regulation.
Over the years, meme coins suddenly became valuable and gained popularity due to the fact these coins were promoted online by influencers like Elon Musk and Snoop Dogg announced these coins online, and retail investors started buying them in droves. However, these coins are decentralized and can be created by anyone, over 80 meme coins have been built into the market following Dogecoin.
Technology-backed entities such as startups should do more to develop a robust governance system, which is essential for sustainability, Ajay Kumar Choudhary, executive director of the Reserve Bank of India (RBI) said. Technological innovations must be used in a sensible way and risks should be properly managed.
Government organizations around the world have reportedly taken almost two years to finalize technology purchases and are currently demonstrating 'significant' delays with this pause. According to research conducted by the analyst firm, Gartner, the public sector tech buying process has taken almost 22 months on average, with delays making up roughly a third of the timeframe in some instances.
According to reports, global investors have agreed to spend millions of investments on the Indian web3 ecosystem, citing India's strong team of 4 million engineers, experienced tech operators, and strength in building web 3 communities. It is said that very shortly, Web3 will be a game-changer for India in terms of all its industries and innovative initiatives.
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