The Indian Ministry of Electronics and Information Technology (MeitY) has announced the launch of the Indian Web Browser Development Challenge (IWBDC) on Wednesday, with the goal of creating an indigenous web browser with its own trust store…cutting edge functionalities and enhanced security & data privacy protection features. The browser will also have the ability to digitally sign documents using a crypto token, bolstering secure transactions and digital interactions, according to the announcement.
The total prize money allocated for the challenge is around $400,000 and the deadline to submit the product is July 1, 2024. The development of the browser is significant as India has not yet brought forward any legislation in Parliament for Web3 or cryptocurrency, even if it has pushed for global rules for crypto as G20 president. India’s central bank has opposed legalizing cryptocurrency and, at the same time, promoted its central bank digital currency (CBDC). The Indian finance ministry has not yet taken an official position on whether it would legalize or ban crypto despite taxing it and bringing it under global anti-money laundering standards.