The agency highlighted that crypto assets in virtual environments like Decentraland and The Sandbox can be exchanged for fiat currency on other cryptocurrency platforms.
The United States Consumer Financial Protection Bureau (CFPB) has targeted crypto-centric gaming in a recent report, cautioning against scams and low consumer safeguards in video games and virtual realms.
In its “Banking in video games and virtual worlds” report released on Thursday, April 4, the consumer protection agency highlights the rising interest among gaming creators in bridging virtual items to reality.
Despite still trailing mainstream gaming platforms like Roblox or Fortnite, the agency highlighted the growth of crypto assets in virtual worlds. Third-party trading platforms enable users to convert digital assets into fiat currency. The report states:
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Source: https://cointelegraph.com/news/us-cfpb-flags-risks-in-virtual-worlds-crypto-economy