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In today’s newsletter:

• Govt's landmark step to boost online gaming
• Can India win the Quantum race
• Credit lines coming to UPI

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India's fledgling gaming industry can rejoice as the regulatory framework is now settling in, providing much-needed stability.

The Ministry of Electronics and Information Technology (MeitY) today notified gaming-related amendments to the IT rules 2021, thereby fulfilling a long-standing demand of the skill-based gaming industry.

• As per the amendments, the government will appoint multiple self-regulatory organisations (SROs) to determine whether a real-money game is permitted to operate in India or not. It will start by appointing 3 SROs, to begin with, but can appoint more later.

While announcing them today, India's junior IT minister Rajeev Chandrasekhar said these regulations don't deal with "all the sophistication into what is game of chance or game of skill.”

• Further, only real-money games where the transfer of money is involved will be regulated through these rules, he said.

These regulations are expected to shape the future of India's gaming sector which is expected to touch $8.6 billion in revenue in FY27, from $2.6 billion in FY22, as per a report.

• It is also likely the first step towards forming a central law to regulate the nascent but growing sector. IT minister Ashwini Vaishnaw has previously mentioned the need for such a law.

All India Gaming Federation (AIGF) CEO Roland Landers said this move will propel the industry to compete globally, while Dream Sports co-founder Harsh Jain said it will unlock the potential for the gaming industry to "significantly contribute to Prime Minister’s vision of a trillion dollar digital economy."

Mobile Premier League co-founder Sai Srinivas also termed it as a "watershed moment" that will boost investor confidence and aid in India's journey to become a global leader in gaming.

India lagged behind in the field of semiconductors and is now striving to catch up in the area of artificial intelligence. However, the upcoming quantum technology is anticipated to be the next big thing, and global investment in this field has already reached $36 billion. 

The question is, how well-prepared is India for this emerging technology?

During a recent discussion with Prof. Rajamani Vijayaraghavan, a renowned quantum scientist from the Tata Institute of Fundamental Research in India, we explored India's position in the quantum race. 

Despite being behind in some areas, the professor maintains that it is not too late for India.

“It is absolutely true that if you want to do this, you have to do it now. And with this particular technology, we are not so far behind. Barring a few areas where things have sort of more or less been figured out, we still need several breakthroughs,” Vijayaraghavan said.

Last week at the New Delhi conclave, a senior defense official stated that future wars will be fought using quantum technology. 

• Governments and industries are worried about a Y2K-like scenario when large-scale quantum computers become operational.

In addition to strategic affairs, quantum technology is expected to be a significant player in various other areas such as drug discovery, financial modelling, weather forecasting, and combatting climate change.

India's journey towards quantum computing is faced with several obstacles, including challenges with fund disbursement, scientific procurement, and bureaucratic hurdles. These issues pose significant barriers to progress in this field.

“Look, you need investment if you want to work in quantum tech. Of course, one can make a call that ‘Okay, we cannot afford this research, so we will not do it.’ But if you want to, there is no other option, you have to find ways to support this,” Vijayaraghavan said.

Curious about the current status of quantum computing, its hindrances to practical use, and India's position in the field? Read the full interview

Today marks another Aha! moment for India's Unified Payments Interface or UPI. Reserve Bank of India (RBI) Governor Shaktikanta Das today allowed the operation of pre-sanctioned credit lines at banks via UPI.

A credit line is a financial borrowing option that allows borrowers to request funds from lenders with flexible options and services. Currently, UPI transactions are enabled between deposit accounts at banks and are sometimes intermediated by pre-paid instruments, such as wallets.

"Scope of UPI to be expanded, by permitting operation of pre-sanctioned credit lines at banks, through UPI. This will further encourage innovation," Das said.

With RBI's permission, the Unified Payments Interface (UPI) will now have an expanded scope that includes the ability to transfer funds to and from pre-sanctioned credit lines at banks, in addition to deposit accounts. Moreover, the UPI network will now allow payments to be financed by credit from banks.

Meanwhile, the RBI and National Payment Corporation of India (NPCI) are in discussion with various countries to have UPI arrangements.

“Already the RBI and NPCI are in dialogues, in discussion with a number of countries to have similar arrangements as we have with Singapore, and to enhance the footprints of the UPI,” Das said during the post-monetary policy press conference.

On April 6, 1992, Microsoft launched Windows 3.1, an operating system that offered a graphical user interface for IBM and IBM-compatible PCs. The retail price of Windows 3.1 was $149.00.

Quick trivia: With Windows 3.1, Microsoft replaced the previous DOS command-line interface with a system that was similar to the Macintosh operating system. This led to a copyright infringement lawsuit by Apple against Microsoft. However, Microsoft eventually won the case. (Picture credit: Computerhistory.org)

• The Virtual Assets Regulatory Authority (VARA), which regulates crypto activities in Dubai, has asked Binance to provide additional information regarding its business operations as part of its efforts to strengthen regulatory oversight in the emirate.
  
  
• Singapore authorities are working with lenders to set uniform standards for screening crypto and digital asset customers amid global industry fallouts.

Bengaluru's real estate sector is currently experiencing a frenzy like never before, as the city witnesses a significant reverse migration. With apartments in scarce supply and rents soaring, landlords are reaping the benefits of this boom time.

In this highly competitive environment, prospective tenants are resorting to unique tactics, even resorting to bidding wars, just to secure a place to call home. 

As one hopeful tenant lamented, "I have concluded that finding a good house for rent in Bengaluru is like finding a unicorn or a Bengaluru street without traffic."

• In some areas, rentals have seen an uptick of 20-30%, while in others, the increase has been a staggering 40%

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