Blockchain and Metaverse Essential to India’s Growth: MP

Irreplaceable tokens (NFTs) will become increasingly important with more time spent on the metaverse, Jayant Sinha, MP and Chairman of India’s Standing Committee on Finance, told The Economic Times on Monday. 

Sinha’s comments come at a time when the government of India has yet to formulate a policy on cryptocurrencies.

The government continues to consult with industry stakeholders, although the introduction of the cryptocurrency bill has been delayed.

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According to Singh, with the help of rules, the government should protect the interests of investors in cryptocurrency, ensure a level playing field for market participants and prevent illegal use. Cryptocurrencies and blockchain can increase the speed and efficiency of money transfers, while blockchain and distributed ledger technology (DLT) will help India grow and maintain its leadership in games, animation and metaverse technologies, Sinha said.

In his view, as people spend more time in the metaverse, the use cases for NFTs and cryptoassets will increase over time.

“…there are many different ways that blockchain and the metaverse can play a very important role in India’s economic growth,” Sinha said.