No Plans To Regulate Metaverse, Web 3.0 As These Are Evolving Technologies: Government

Government has said that it has no plans to apply any regulations on Metaverse or Web 3.0, as these technologies are still evolving

No Plans To Regulate Metaverse, Web 3.0 As These Are Evolving Technologies: Government

Government has said it has no intention to regulate technologies like Metaverse

Government has said that it has no plans to apply any regulations on Metaverse or Web 3.0, as these technologies are still evolving. This was informed by Minister of State for Finance Pankaj Chaudhary in Parliament, in response to a question on them. 

Finance Ministry sources have said that they are aware of the emerging new technologies as well as rapid proliferation of technologies like Artificial Intelligence, Blockchain, Drone, Augmented Reality, Metaverse and Web 3.0.

They further added that national strategies has already been formulated by the government on Artificial Intelligence and Blockchain.

Also, the Information Technology Act, 2000 covers the technology sphere in the country, and therefore government does not intend to regulate such evolving sectors.

What is Metaverse?

Metaverse is a network of 3D virtual worlds focused on social connection. In futurism and science fiction, it is often described as a hypothetical iteration of the Internet as a single, universal virtual world that is facilitated by the use of virtual and augmented reality headsets.

Components of metaverse technology have already been developed within online video games.

What is Web 3.0?

Web 3.0 is an idea for a new iteration of the World Wide Web (www) based on blockchain technology, which incorporates concepts such as decentralization and token-based economics. 

The term was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.

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