Watch May’s policy updates where Riccardo Tordera Ricchi, Head of Policy & Government Relations at The Payments Association talks with Donatus zu Schaumburg-Lippe, Co-Founder of 3.O Labs, a Web3 Venture Studio and Consultancy, about “Money and Metaverse”.
Donatus states that the metaverse can mean many different things and that is yet to be determined. He suggests the metaverse has two layers. The primary layer is the infrastructure layer, mainly built on distributed ledger technologies such as the blockchain, which allows for the ownership of digital assets. The second layer is the interfacing layer, which some people see as Augmented reality (AR) or virtual reality (VR).
They then go on to discuss what using money in the metaverse might mean, which Donatus thinks could look like something similar to what we see nowadays in terms of swift bank transfers or the exchange of funds from one individual to the next, however much more efficient, peer to peer and decentralised.
This does not mean that centralised institutions are going to filter away. On the contrary, he thinks centralised institutions can access similar services as those peer to peer collaborators, the only difference being now they can do it in a borderless economy that is cross-boundary and do not require lengthy KYC processes to provide these services.
If he were to give regulators advice, it would be to move into the Web3 space one step at a time and to build a new regulatory framework for Web3 technologies, making sure that there are solid regulations implemented that support innovation in Technology. This isn’t something that can happen overnight.
They then go on to discuss which EU countries are seemingly front running currently, taking into consideration a variety of external factors, also going on to look at the UKs position in the market.
For more information or if you wish to contribute to our policy work, please email Riccardo.Tordera@thepaymentsassociation.org
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