The Bank for International Settlements (BIS) researchers champion state-backed tokens as a superior means of ensuring safety and stability within virtual worlds, compared to the solutions currently provided by decentralized finance (DeFi) and native web3 projects.
In the report, the BIS team acknowledges that the digital economy, particularly through the emerging concept called the metaverse, spatial computing or Web3, stands at a crossroads between innovation and the need for regulation. The metaverse — essentially immersive, computer-generated environments where users interact through avatars — has seen its potential for impact on the digital economy both lauded and scrutinized. Despite rapid investment and the promise of revolutionizing sectors like gaming, education and healthcare, the technology has not yet achieved the fully immersive experiences. The team writes that some applications—like virtual bank branches and land speculation—appear more gimmicky than groundbreaking. Source: Metaverse Insider
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