There are no plans to regulate the Metaverse or Web 3.0 because these are evolving technologies: the Government

The government has stated that it has no plans to impose any regulations on Metaverse or Web 3.0 because these technologies are still in the early stages of development. This was revealed in Parliament by the Minister of State for Finance Pankaj Chaudhary in answer to a query about them.

As per Finance Ministry sources, they are aware of developing new technologies as well as the rapid spread of technologies such as AI, Blockchain, Drone, Augmented Reality, Metaverse, and Web 3.0.

They also stated that the government has already developed national policies for Artificial Intelligence and Blockchain.

Furthermore, the Information Technology Act of 2000 governs the country’s technology industry, therefore the government has no plans to control such expanding areas.

What exactly is the Metaverse?

The Metaverse is a network of three-dimensional virtual environments centred on social interaction. It is frequently portrayed in futuristic and science fiction as a potential iteration of the Internet as a single, worldwide virtual environment that is aided by the usage of virtual and augmented reality headgear.

Metaverse technology components have previously been created for use in online video games.

What exactly is Web 3.0?

Web 3.0 is a notion for a new version of the World Wide Web (www) that is built on blockchain technology and combines principles such as decentralisation and token-based economy.

Ethereum co-founder Gavin Wood created the word in 2014, and the concept attracted the interest of cryptocurrency enthusiasts, huge technological corporations, and venture capital firms in 2021.