- The European Union’s metaverse strategy includes employing a global governance approach to maintain law and order in the virtual world
- This was revealed in a leaked draft paper by the European Commission focusing on the metaverse
- The draft notes that the metaverse can be used to explore extra opportunities in the education and healthcare sectors
The European Union’s metaverse strategy includes employing a global governance approach to maintain law and order in the virtual world. This was revealed in a leaked draft paper by the European Commission focussing on the virtual world. The draft also notes that the metaverse can be used to explore extra opportunities in the education and health sectors.
This Technological Shift Needs New Governance
Seen by Coindesk, the draft observes that metaverse governance needs to be created afresh since prevailing options aren’t ideal “for this technological shift.” The paper noted that global interactions are needed in areas like surveillance, identity and technological standards to ensure the virtual world is safe and operates under EU rules.
The paper added that the EU is open to assembling a technical team to look into issues to do with the metaverse and aren’t found within the boundaries of current internet governing bodies.
The commission disclosed that it’s looking to learn more about decentralized autonomous organizations (DAOs) and how they can enhance digital cooperation before the end of 2023. Starting next year, the commission will unveil regulatory sandboxes to gain first-hand experience in the digital world.
EU Invests in a Blockchain Fund
The EU isn’t a stranger in the decentralized world having invested $30 million in a blockchain and digital asset fund two years ago. Last month, it embraced blockchain for credential verification.
Although the commission had previously revealed that the paper won’t culminate into a formal bill, it may help suggest the route the EU plans to take when it comes to the metaverse and web3.
