April 20, 2022
By Sharan Kaur Phillora
Jayant Sinha, an Indian politician who is the Member of the Indian Parliament (MP) and formerly the Minister of State for Finance, talked about the importance of NFTs, metaverse, and blockchain in his recent interview with ET Now at the India Economic Conclave.
Here’s what we know:
As per the report from Economic Times, Sinha said “We are already a leader in gaming of many kinds, we are already a leader in animation, we are already a leader in virtual worlds, and having Blockchain and distributed ledger technology available to us for these purposes is going to be very useful as part of our growth and as part of our leadership in these new technologies.”
He further added that “NFTs are going to be very important as increasingly we spend more and more time in the metaverse,” because India is the second-largest online market in the world.
He stated that with the rise in metaverse usage, people will be required to transact in the virtual realm just like how they do it in the physical world. A balance between regulation and innovation is going to determine how transactions in the metaverse take place.
If people want to purchase digital art, etc, to display in the metaverse, they are going to need the help of crypto tokens obviously, Sinha adds.
While highlighting the importance of NFTs and the metaverse, the Indian MP also believes that crypto legislation is required to avoid the use of crypto assets to promote illegal activities.
Sinha went on to say that regulation is unavoidable because participants in crypto-related activities who have no prior understanding of the market must be protected from being duped via Ponzi schemes.
While some Indian politicians advocate for regulations and innovations to go hand in hand when it comes to crypto, a few of them are exceptions when it comes to how they approach digital assets.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.