Indian MP comes out in support of metaverse, NFTs, and blockchain
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.
NFTs will be very crucial in the coming years
Sinha, who is current Chairperson of the Standing Committee for Finance said that NFTs and digital assets will form a very important asset class for investors in the country because they provide a solution to many of the existing problems citing the usage of non-fungible tokens to acquire digital proof of ownership.As per the report from Economic Times, Sinha added that "there are many many use cases that can be much more productive, much more powerful than existing ways of doing things." He further added:
"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 leisure 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."Sinha also said 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.
Important of regulation
Sinha stated that the importance of regulating the crypto space which includes NFTs and digital assets revolves around many reasons. Firstly, regulations will protect investors from Ponzi schemes followed by leveling off the playing field. Furthermore, another reason for regulations as Sinha pointed out is to discourage the usage of technology in gray areas of society.On the other hand, Cryptonary recently reported that Binance CEO Changpeng Zhao called India "a natural frontrunner for web 3.0 startups."
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