Government says it has developed a national strategy on AI and blockchain

Crypto, Metaverse and Web3 were again discussed in the Indian Parliament on Monday. The government said it had developed a national strategy on blockchain and artificial intelligence.

Locket Chatterjee, BJP MP for Hooghly, West Bengal, queried the Ministry of Finance on the state of regulations on Metaverse and Web3. Moreover, the BJP MP also sought clarification on the regulation of investments in startups that work in areas such as NFTs, crypto wallets, metaverse, etc.

Chatterjee’s questions were answered by state finance minister Pankaj Chaudhary. Chaudhary highlighted the fact that the Web3 space is constantly evolving but at the moment it is regulated by the Information Technology Act 2000. He also clarified that the government has developed a national strategy related to blockchain and artificial intelligence.

The minister said, “Metaverse/Web 3.0 technologies are still evolving. The government is aware of the emergence of new technologies and the rapid proliferation of emerging technologies such as artificial intelligence, blockchain, drones, augmented reality/virtual reality, metaverse, web 3.0, etc. The Information Technology Act 2000 covers the technological space. The Indian government has developed a national strategy on emerging areas, especially the national strategy on artificial intelligence and the national strategy on blockchain.

Furthermore, on the issue of investments in startups working in space, the Minister pointed out that they are advancing at a good pace and that some have also collaborated with the government on certain projects.

Chaudhary responded to Chatterjee saying, “Startups working in the emerging tech space are making good business progress based on how useful their products and services are. Some tech startups are also working with government on using emerging technologies on public service delivery projects.

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