As the Indian government looks to regulate the crypto industry, it’s focus — at least, for now — will be on crypto exchanges. The metaverse, non-fungible tokens, and other burgeoning use cases within the crypto universe are not currently on its radar, according to two insiders.
Business Insider spoke to Policy 4.0’s founder, Tanvi Ratna, and WazirX’s head of policy and governance issues, Aritra Sarkhel, who have been part of the high-level meetings with government to work out the kinks in the crypto bill, including a couple of them last week. They have been answering questions from the bureaucrats before the cryptocurrency bill is sent to cabinet for approval.
Majority of the questions asked by the government to the industry, so far, have involved the classification of crypto assets, the process and legality of listing coins on exchanges, rules for cross-border transactions, and other trading aspects.
“I don’t think the metaverse has really entered the room yet, here,” Tanvi Ratna, the founder and chief executive of Policy 4.0 — an independent research and strategic advisory body currently working with the government on the crypto bill — told Business Insider.
“Listen, nobody is discussing the metaverse at the highest quarters. We’re discussing cryptos and exchanges and NFTs a little bit. I don’t think people are discussing the metaverse,” added Sarkhel, during the webinar series ‘Hello crypto!’ sponsored by the WazirX.
The article originally published on Business Insider.