India to use crypto tokens for digital signatures in upcoming national web browser

DIMAPUR — The Indian Ministry of Electronics and Information Technology (MeitY) has recently unveiled a significant initiative known as the Indian Web Browser Development Challenge (IWBDC). The launch event took place on August 9, 2023, at the India Habitat Centre in New Delhi.

According to a press release, this collaborative effort involves MeitY, Controller of Certifying Authorities (CCA), and C-DAC Bangalore. The aim is to encourage innovation among technology enthusiasts, developers, and innovators across India, the report stated.

The challenge invites participants from various backgrounds to create a new web browser that includes its own trust store with a built-in CCA India root certificate. The envisioned browser is expected to offer advanced features, heightened security, and data privacy measures.

According to the report, a unique aspect of this browser is its potential to enable the digital signing of documents using crypto tokens, enhancing the security of online transactions through blockchain technology.

Mentorship will play a pivotal role in this initiative, and the most innovative entrants will be rewarded from a prize fund totalling INR 3.41 crore. The winner will receive INR 1 crore along with ongoing support to further develop their browser.

During the launch event, representatives from governmental bodies, industries, start-ups, and academia participated through both online and offline modes. A panel discussion featuring officials from MeitY, CCA, and C-DAC addressed participants' questions and provided clarifications.

Bridging technology and regulation

MeitY's revelation of its plans to introduce an indigenous web browser with the ability to use crypto tokens for document signing holds noteworthy implications.

Amidst ongoing deliberations surrounding cryptocurrency regulations in India, this announcement presents a bold step towards integrating crypto technology into daily digital interactions.

In the backdrop of India's role as the G20 president advocating global cryptocurrency regulations, the nation has not yet legislated on Web3 or cryptocurrency usage. The Reserve Bank of India's opposition to legalising cryptocurrencies contrasts with its endorsement of a central bank digital currency (CBDC).

India's finance ministry, while taxing cryptocurrencies and adhering to international anti-money laundering standards, remains indecisive on whether to legalise or prohibit crypto. MeitY's initiative to incorporate crypto-enabled document signing in an indigenous web browser reflects the government's intent to harness blockchain potential for secure digital interactions.

The move holds promise for enhancing data security, privacy, and transaction efficiency. As India navigates these innovative pathways, it's crucial to acknowledge that these developments could instigate discussions encompassing the intersection of cryptocurrency, technology, and regulation.