Though emerging technologies have aided the public welfare in India, they pose challenges to regulatory bodies as well. Substantiate. Also, suggest way forward to address these challenges.

→ BharatNet: Providing internet connectivity to all Panchayats through fibre connectivity, and even satellites.

→ UPI, JAM trinity: These have put the world of financial services on people's fingertips, making it accessible, secure and corruption free.

→ Central Bank Digital Currency based on the blockchain structure will further aid the economy in becoming cashless.

However, they pose significant regulatory challenges:

→ Cryptocurrency like Bitcoin, Ethereum are proliferating, even as tools of money laundering and terror financing. These are hard to regulate due to their transnational nature coupled with anonymity.

→ FinTech services also need to be secure in an era of rising cyber attacks. A CAG report noted the vulnerabilities of the Aadhar data vault. Digilocker has similar vulnerabilities.

As we navigate the maze of new technologies, we can take the following steps:

→ Sandbox development: eg. in Ayushman Bharat, apps are tested in a sandbox to fix vulnerabilities before release.

→ In the Union Budget, the government has rightly regulated transactions of digital assets through a 30% tax.

→ SpaceX's Starlink internet is said to be banned in India due to a lack of regulation.