India's Central Bank-The Reserve Bank of India has constituted a new department to identify the challenges and opportunities, specifically related to cryptocurrency.  

The new Fintech department has started operations since January 4, the official said Despite of a lack of detailed information on crypto, the Indian authorities are going after  alleged tax evasions on cryptocurrency exchanges.

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Apart from cryptocurrency, experts believe the creation of the RBI’s central bank digital currency will also fall under its purview. The central bank announced plans for a sovereign digital currency in July 2021 and a pilot run could happen as soon as in the next fiscal year, beginning April 1.

Indian venture capital firms are betting big on Web 3.0 startups as these companies are said to be the products for the next stage of the internet, characterised by a decentralised ecosystem based on blockchain technology. 

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