Dr Ravi Chamria, Co-Founder – Zeeve was recently invited by 3.0 tv to talk about the rules and regulations, taxes and also the future of the crypto industry in the interview conducted by Ruchi Sharma on the topic NFTs Hits And Misses 2022.

When asked about the crypto winter and how the NFT sector has already been impacted by the recent happenings such as Russia-Ukraine war to Terra Luna crash, Dr Chamria stressed that despite the blows and lack of governance in the crypto market, the web 3 ecosystems has grown rapidly over the last one year and developers are building powerful and stellar range of dapps. From an overall web3 space, the recent negative happenings have not made much dent in the industry and more and more enterprises are getting into blockchain. Blockchain as a technology and web 3 as a space is growing hugely despite the negative sentiments.

Talking of regulations required in the crypto space, Dr Chamria highlighted the major benefit of web3 comes out of the tenet of decentralization and stressed on the need for making developer-friendly interfaces for driving greater adoption of web3. This is the reason for which centralization remains important even now because of better user experiences. People are still not comfortable using the metamask and holding their keys and that is where the role of centralized exchanges assumes importance. However, the challenge is that the centralized exchanges are not regulated right now. He talked of how most of the exchanges are self-regulated or not regulated at all. He believes that there needs to be some kind of regulation and exchanges should display more trust and transparency in the operations which can be brought upon only when there are clear regulations in force.

Dr Chamria also spoke on the changes and benefits that would come forth with the proof of reserve. He believes that the financial product and all the on-chain data should be visible to all the users on a public dashboard and anyone should be able to see in what kind of funds are there in the reserve and how the funds are being deployed elsewhere so this is this is what is meant by proof of reserve and then users can clearly see that this very concept will give it immense transparency to users and will be a very big check and balance for the management so that they don’t mess with the funds or misuse or abuse the funds.

Dr Chamria also shared his valuable insight on how one should select a crypto exchange based on some checks and after doing some proper KYC /ML checks. He also spoke of CBDCs as an extension of digital money. From a user perspective, it is much like digital money we use on different wallets but in a wholesale market like intra bank or interbank transaction, CBDC will play a huge role as it will improve the time of settlement and reduce lot of backend costs, thereby bringing efficiency in terms of managing movement of funds or money cycle. He also shared his overall view on the current NFT market situation and how it has become important from a technological standpoint where a unique and rare asset can be tokenized.