Crypto, metaverse, and Web3 were again discussed in the Indian Parliament on Monday. The government said that the it has worked out a national strategy on blockchain and Artificial Intelligence.
Locket Chatterjee, BJP MP from Hooghly, West Bengal asked the Finance Ministry regarding the status of regulations on metaverse and Web3. Moreover, the BJP MP also sought clarity on regulations on investments in startups that work in domains like NFTs, crypto wallets, metaverse, etc.
Chatterjee’s queries were answered by State Finance Minister Pankaj Chaudhary. Chaudhary stressed on the fact that the Web3 space is constantly evolving but for the time being, it is regulated under the Information Technology Act, 2000. He also clarified that the government has worked out on national strategy related to Blockchain and Artificial Intelligence.
The minister said, “The technologies related to Metaverse/ Web 3.0 are still evolving. The Government is cognizant of emergence of new technologies and the rapid proliferation of emerging technologies such as Artificial Intelligence, Blockchain, Drone, Augmented Reality / Virtual Reality, Metaverse, Web 3.0 etc. The Information Technology Act, 2000 covers the technology space. The Government of India has worked out national strategy on the emerging areas especially National Strategy on Artificial Intelligence and National Strategy on Blockchain.”
Furthermore, on the matter of investments in startups working in the space, the minister remarked that they are advancing at a good pace and some have also collaborated with the government on certain projects.
Chaudhary responded to Chatterjee by saying, “Startups working on emerging technology space are making good business progression based on the utility of their products and services. Some technology startups are also working with the government on the use of emerging technologies on the projects for public service delivery”.
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