Jayant Sinha stated in an interview with the Econimic Times that the future of non-fungible tokens (NFTs) and virtual digital assets will be exciting due to the many use cases for these technologies.
According to Sinha, India is currently already a leader in animation, virtual worlds and related technologies.
NFT technology, in his opinion, will help improve the protection of digital asset ownership: any digital art, whether photos or films, can be protected using NFT, the parliamentarian is sure. Leputat expects blockchain to play a key role in India's economic growth.
The chairman of the committee does not rule out that the metaverses will become much more popular in the future, and the technology of non-fungible tokens forms an effective synergy with them.
Most Indian citizens, Sinha says, spend most of their time in front of their phone and computer screens, so he has no doubts about the growing popularity of the metaverse. And integration with NFT will inevitably lead people to cryptocurrencies.
At the same time, Sinha refuses to comment on the government's position on the industry and suggests waiting for official statements.
According to the deputy, the Indian authorities are well aware of the importance of new technologies and innovations, as well as the benefits of digital assets for the country's economy. However, this did not stop them from doubling the tax on cryptocurrency trading.