The government has said it has no intention of regulating technologies like Metaverse.
The government has said it has no plans to introduce any rules to the Metaverse or Web 3.0, as these technologies are still developing. This information was given by Minister of State for Finance Pankaj Choudhary in reply to a question in Parliament.
Finance ministry sources have said they are aware of emerging new technologies as well as the rapid proliferation of technologies such as Artificial Intelligence, Blockchain, Drones, Augmented Reality, Metaverse and Web 3.0.
He further added that a national strategy has already been prepared by the government on Artificial Intelligence and Blockchain.
Further, the Information Technology Act, 2000 covers the technology sector in the country, and hence the government does not intend to regulate such developed sectors.
What is Metaverse?
The Metaverse is a network of 3D virtual worlds focused on social connections. In futurism and science fiction, it is often described as a fictional iteration of the Internet as a single, universal virtual world facilitated by the use of virtual and augmented reality headsets.
Components of Metaverse technology have already been developed in 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 includes concepts such as decentralization and token-based economics.
The term was coined by Ethereum co-founder Gavin Wood in 2014, and the idea garnered interest in 2021 from crypto enthusiasts, large tech companies, and venture capital firms.