Polygon

Note

As the Indian Government is yet to announce clear market and <a href="https://news.todayq.com/india-crypto-rules-nation-to-evaluate-on-country-specific-risks/" target="_blank" rel="noreferrer noopener">trading rules</a> regarding crypto assets, Telangana Govt, one of its state authorities seems to adopting the blockchain. In the latest move, the Emerging Technologies Department of the Government of Telangana joined hands with the industry leaders to launch the Technical Guidance Note for Asset Tokenization. Polygon partners with Telangana 
According to the announcement, the state government of Telangana partnered with Polygon Labs, Ryze Labs, Bharat Web3 Association, the European Crypto Initiative, and the Indian Blockchain Forum. This strategic move aims to provide a complete guide and technical standards for startups and organizations. 
It mentioned that Telangana, with the ninth-largest economy in India, boasts a Gross State Domestic Product (GSDP) of ₹9.5 million. However, the state holds a population of around 40 million and is taking a proactive approach to adopting asset tokenization within its borders. 
As per DeFi Llama, the value of tokenized assets on permissionless blockchains went on to hit $5.88 billion as of November 2023. Meanwhile, A report by BCG estimates that the tokenization of global illiquid assets will present a $16 trillion business opportunity by 2030. This directly implies the major potential of this emerging financial innovation. Major opportunity ahead? 
Polygon’s native token (MATIC) holds a market cap of around $8.09 billion. However, MATIC hadn’t performed up to expectations this year, but it had shown a good recovery over the past few months. It’s price has jumped by 62% in the last 3 months. MATIC is trading at an average price of $0.84, at the press time. 
Unveiled at Polygon Connect: India, the guidance note serves as a roadmap for asset tokenization. It offers several specific technical standards so that interested companies can make clear decisions. The document jumped into the complexity of tokenization. It highlighted the transformative impact on ownership, liquidity, asset transfers, and various other use cases. 
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Polygon partners with India’s Telangana, focus on Blockchain Tokenization standards

Todayq News

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