SNEAK PEEK
- Meta Platforms (META) is back with a push to influence digital policy after the business notably enraged American authorities with Facebook’s unsuccessful stablecoin initiative in 2019.
- Meta aspires to “interconnectability” between the many international jurisdictions in the future.
- Three matters of supreme priority have been raised in the document.
This time they’re coming for the Metaverse with a comparatively less aggressive approach Last Friday, the company stated in a discussion that policymakers must establish fair rules for Web3 technologies as they’re in charge of encouraging innovation and keeping people safe.
In order to emphasize the teamwork involved, Meta cited the expanding Metaverse Standards Forum, which it co-founded with other tech companies this year.
According to Edward Bowles, the company’s head of fintech policy, Meta hopes for an eventual “interconnectability” between the various international jurisdictions that will be battling over how to regulate the metaverse economy so that users of its Horizon Worlds virtual reality platform can pick up their assets and “move to another world seamlessly and back again.”
This paper is simply the beginning of a series of dialogues- Bowles told reporters this week in Washington, adding that they’re some way off from it being a reality.
The document rolls out the top three priorities of the metaverse:
• An internet development that envisions individuals interacting in virtual reality
• Future metaverse regulations should be technology-inclined
• Acknowledge the potential economic benefits of Web3 and demand that governments and businesses collaborate to build
The prospective contribution of digital currencies issued by central banks to the metaverse economy would be a part of this collaboration.
Initially called libra and then diem, Meta’s Facebook attempted to introduce a global stablecoin three years ago. Regulators were alarmed by the company’s and its partners audacious original strategy, and the project was perceived as a danger to Big Tech’s potential sway over the financial system.
Even Diem’s later, more cautious strategy ran into opposition, with government officials warning that such an effort could explode to the point where it jeopardized the stability of the larger financial system. After the project was finally abandoned last year, American regulators made it clear that they don’t want big businesses to launch their own stablecoins.
