It is difficult for an institution seduced by central bank digital currencies to hide its ambitions to economic totalitarianism. The EU, which wants to speed up with its MiCA regulation and which plans to deploy its digital euro in 2025, couldn’t help but embrace this idea. But paradoxically, she advanced a global governance of the metaverse? Overview !
EU, metaverse and decentralized regulation
Europe has already caught up delay in cryptocurrency regulation by the promulgation of the MiCA standards on May 31. Its entry into force was scheduled for 20 days after this date.
France, which is one of the promoters of this legal basis for crypto regulation in the 27 does not seem very satisfied with this modest initiative, wants also regulate conglomerates through a MiCA 2.0. Would she be okay with this plan for decentralized metaverse regulation?
” A leaked European Commission document reveals plans for global governance of the Metaverse. »
According to CoinDesk, a document is said to have leaked into the hands of members of the European Commission. In it, we learned that:
- the EU intends to establish a new type of global governance » adapted to the metaverse;
- it also intends to relax regulations in order to promote related innovations.
In other words, the European Union does not want a strict regulations, as the Governor of the Banque de France intends to establish. Instead, she opts for a more flexible model which give free rein to the imagination of the actors of the metaverse. And why not to bring out ” new forms of digital cooperation »?
No question of virtual supremacy
Aware of the challenges of the metaverse, the European Commission specified in its document that:
” Virtual worlds offer unprecedented possibilities in many societal domains. This technological evolution also implies new forms of global governance. »
Hence the idea of creating a multi-stakeholder technical governance process to better deal with virtual worlds and Web4.
Moreover, until now, none of the existing institutions is able to regulate the metaverse. You might as well delegate this mission to the DAOs (Decentralized Autonomous Organizations). The latter have already proven themselves by developing innovative financial applications.
MakerDAO’s DAI is one of them.
We should also note that CoinDesk has already highlighted the fear of the EU regarding the advent of ” guardians of the metaverse “. These would increase the risks of invasion of privacy, inequalities in virtual realities and also the proliferation of cyberattacks.
In other words, the EU may have sent a strong message to the cryptosphere, but it doesn’t intend to rule the metaverse with an iron fist. Its priority remains, for the moment, the integration of european values in Web3 (or Web4 as she used to call it).
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