The Department of Consumer Affairs on Tuesday organized a brainstorming session on Virtual Digital Assets to develop a strategy for adoption of Web3 technologies to ensure end-to-end security for users and various stakeholders. As the world today struggles to establish platform responsibilities on Web2, platform responsibilities will become more complex in a decentralized Web3. A collective approach on Virtual Digital Assets and Web3 is the need of the hour among countries. He said that the Department of Consumer Affairs would be confined to issues arising due to Web3 relating to virtual digital assets and consumers. It added that the department has a long-standing practice of regularly engaging with key stakeholders and subject matter experts.

Source: Economic Times July 25, 2023 13:51 UTC