Telangana to set up Country's First 'Blockchain District'

Published on May 30, 2019
Telangana released a draft blockchain policy to set up country's first 'Blockchain District' in Hyderabad.
Telangana to set up Country's First 'Blockchain District'

Details:

  • It is aimed to create an ecosystem for major blockchain companies, start-ups for promoting research, innovation and industry collaboration.
  • Earlier, the Telangana Government signed an agreement with Tech Mahindra to set up the Blockchain district in 2018.
  • The draft was released by Information Technology, Electronics and Communications (IT E&C) Department.
  • The main focus will be given to the sectors such as banking, financial services and insurance, pharmaceuticals and healthcare, government institutions and departments, logistics and supply chains.
  • The incentives like access to investments, subsidies, tax credits will be rolled out to attract large enterprises, Small and Medium Enterprises and startups.
  • Other incentives include 25% subsidy on lease rentals up to Rs. 5 lakh per annum for the first three years of operations.
  • 100% reimbursement of State Goods and Services Tax (SGST ) for the first three years for startups with revenue less than Rs. 5 crore and along with one-time grant of Rs. 10 lakh, 75% subsidy in travel fare when the founders attend global conferences and 25% reimbursement on Internet charges would be provided.

Question:

Q. Where will be India's first 'Blockchain District' set up?
a. Chennai
b. Hyderabad
c. Bengaluru
d. Pune

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