Speaking at a discussion organised at the presentation ceremony of the Ramnath Goenka Awards for excellence in journalism, Sibal said the social media is evolving but it does not have any hierarchies and also identities.
It's a platform which is enormously empowering because it's a source of information for millions of people and that is why it has an important role to play, Sibal said.
He further said while the social media had played a very important role in movements against some totalitarian regimes, its effect on democratic governments need to be understood.
I & B minister Manish Tewari said the social media was the largest ungovernable space and never had in the world so much power been available to so many at the click of a button.
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He, however, said that the debate on social media privacy should not be confused with anonymity.
Leader of the opposition Arun Jaitley said the social media is an important medium of communication and like there are debates on TV there would be twitter wars. He, however, added he did not think that the social media by itself could swing elections.
Former Election Commissioner S Y Qureishi, who was in the audience, made a point that the anonymity on social media, regarding which certain concerns were expressed, was useful as it allowed those to speak who would not do it otherwise.