The European Commission will ensure a “level playing field” in the Metaverse

Considering the legal battle to keep up with today’s constant innovation, Margaret Vestager, executive vice-chairman of the European Commission for Adapting to the Digital Age and authorized representative of the competition since 2014, recommends that people start discussing the impact of technologies such as virtual universes and ChatGPT .

Chau Au Council to compete with Metaverse

although statement Speaking at the Keystone conference on competition policy, Vestager highlighted how digital transformation and the transition to a digital economy present risks and opportunities for everyone.. She argues that current legislation lags behind technological progress:

“We certainly didn’t act in time – and that could be an important lesson for the future.”

While enforcement and legislation will continue to lag technological innovations, Vestager emphasized the need to anticipate and plan for such changes. She issued a statement:

“For example, it’s time we start questioning healthy competition in the metaverse, or how something like ChatGPT changes the equation.”

The commissioner also revealed that the European Commission will start an antitrust investigation into Facebook Marketplace and how Meta uses competitor’s advertising-related data from May 2023.

February 15 marked the launch of the European Blockchain Experimentation Mechanism, which provides space for governance dialogue of 20 projects per year until 2026.

On the other hand, EU lawmakers are discussing the use of ZkP (zero-knowledge proofs) for digital IDs.

“The fact that the new eID will allow citizens to be identified and authenticated online (via the European Digital Identity Wallet) without resorting to commercial providers seems to be the realistic backdrop – real economics raises concerns about trust, security and privacy concerns.”

ZkPs have recently attracted the attention of researchers as a way to ensure compliance and privacy in digital currencies.

  • 10 Japanese companies signed an agreement to create the Metaverse Special Economic Zone
  • US senators ask Meta to stop publishing Horizon Worlds metaverse app for teens

board take

As reported by Cointelegraph

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