Why in the news?
As per a gazette notification,
1) Ministry of Electronics and Information Technology (MeitY) would be the nodal ministry for matters relating to online gaming with monetary risks.
2) Ministry of Youth Affairs and Sports (MYAS) has been tasked with regulating e-sports (video games not involving money) as part of multiple sports events.
What was the need for such appointments?
India’s gaming market is currently estimated at $2.6 billion and expected to be worth $8.6 billion by 2027.
Proliferation of games like cards, casinos, and fantasy sports among young people led to addiction and financial losses, with some reported cases of suicide.
The online gaming policy is likely to prescribe a mandatory age verification mechanism and know-your-customer (KYC) norms for all real money games in the country.
The allocation of a nodal ministry for the sector has resolved a long-standing debate on considering gaming platforms as intermediaries or publishers.
The appointment may also bring uniformity in regulations on real money games across the country. At present states have been framing their own laws on this matter.