Non-fungible tokens (NFTs) are going to be increasingly important with the rise in time spent on metaverses, Jayant Sinha, a member of parliament and Chairman of India’s Standing Committee on Finance, told The Economic Times on Monday. 

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Fast facts

  • Sinha’s comments come at a time when the Indian government is yet to formulate a policy on cryptocurrency.
  • The government continues to consult with industry stakeholders while the introduction of the cryptocurrency bill has been delayed. 
  • Through regulations, the government needs to protect the interest of cryptocurrency investors, ensure a level-playing field for market participants and prevent illicit uses, Sinha said. 
  • Cryptocurrencies and blockchain have the potential to increase the speed and efficiency of remittances, Sinha said. 
  • Blockchain and distributed ledger technology (DLT) will help India grow and maintain its leadership in the field of gaming, animation, and metaverse technologies, according to Sinha. 
  • As people spend more time in the metaverse, the use-cases for NFTs and crypto assets are going to increase over time, he said. 
  • “…there are many different ways in which blockchain and the metaverse can play a very important role in India’s economic growth,” Sinha said. 

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