Government does not want to regulate Metaverse, Web 3.0

The central government has said that it has no plans to regulate Metaverse or Web 3.0 as these are emerging technologies. Minister of State for Finance Pankaj Chaudhary has given this information in Parliament. The Information Technology Act exists to regulate the technology sector in the country and due to this, the government does not want to introduce regulations for new segments like the metaverse.

finance ministry sources tell That they have knowledge about new technologies like Artificial Intelligence, Blockchain, Drones, Augmented Reality, Metaverse and Web 3.0. The government has made a strategy regarding artificial intelligence and blockchain. Metaverse is a type of virtual world. It will be capable of delivering Augmented Reality (AR) experience. It is gaining popularity among people and brands who want to connect different communities in one place. It is being said that the metaverse will take internet parity to a whole new level. Creators like the gaming industry are expected to play a major role in driving the metaverse forward. JP Morgan, one of the global banks, has launched a lounge in the blockchain-based virtual world ‘Decentraland’. With this it has become the first major bank in the metaverse.

Web 3.0 is considered to be the next era of the Internet. Facebook’s company Meta has filed eight trademark applications for providing Web 3 services. These include a dating app specially designed for crypto investors. This is part of Meta’s efforts to strengthen its position in the crypto and metawork segments.

meta key Project Web 3 aims to bring new products and services on blockchain technology that work for the industry. The company is expected to launch new social networking platforms, computer software, e-commerce services, telecom services for digital asset holders as well as offer meta-related advertising platforms. Global financial services company American Express is also preparing to enter the metaverse segment. For this, the company has applied for seven trademarks. The application includes the American Express logo indicating that it may also be rendered virtual.
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