IIT Delhi, Binance Form NFT Tie-Up Amid Crypto Clampdown

Amid the regulatory hammer on digital assets like NFT, Bitcoin BTC/USD, Shiba Inu SHIB/USD, and Dogecoin DOGE/USD, the Indian government-run IIT Delhi has partnered with Binance to provide non-fungible token (NFT) tickets during its upcoming three-day cultural fest.

IIT Delhi’s ‘Rendezvous’ fest is scheduled from April 24-26.

What Happened: According to India’s Mint business newspaper, IIT Delhi representatives said the partnership with Binance will allow students to learn about blockchain technology and see some of its applications in action.

Binance’s Asia-Pacific head, Leon Foong, said he is happy to provide his company’s infrastructure and platform to inspire and educate students in Web3, blockchain, and crypto, according to the report.

Binance is also the title sponsor for the cultural festival, underscoring cryptocurrency’s rising trend in the country where more and more Indians are buying digital assets. 

However, the regulatory atmosphere remains hostile in the country as the government plans to tighten provisions for the use of cryptocurrency.

Recently, Indian Finance Minister Nirmala Sitharaman reiterated the country’s attitude towards cryptocurrencies in an IMF meeting. She raised concern over the risks of cryptocurrencies in unregulated environments and highlighted the need for coordinated efforts to mitigate them and the development of central bank digital currencies.

Price Action: According to data from Benzinga Pro, Bitcoin was trading at $40703, gaining 0.55% in the last 24 hours, and Shiba Inu and DogeCoin were up 1.19% and 0.59%, respectively, over the same period.