Is the World Polity Ready to Adopt Metaverse as its Future?

• UAE has already revealed their “Dubai Metaverse Strategy.”
• Interpol entered the metaverse in October last year.

Governments across the globe are trying to get control of the crypto ship. Prime reason behind this remains the unregulated assets posing financial risks to the potential investors. Digital assets will be an integral element underlying metaverse economy, translating to an open invitation to the authorities in virtual spaces. But the users are assured that the metaverse is going to be an open and decentralized world for them.

Authorities Have Already Started Exploring The Metaverse

This raises a question about how centralized bodies will regulate an unregulated industry. Nations like South Korea, Dubai and more have already launched metaverse initiatives in their homelands. On one hand, UAE authorities have their own “Metaverse Strategy,” Seoul government revealed the beta phase of the city’s digital twin, currently accessible to the youth.

The CIO of Seoul’s Smart City Police Bureau, Jong-Soo, told McKinsey and Company that metaverse can help authorities deliver “higher quality services.” Moreover, he believes that they can act in advance, something like the concept presented by Steven Spielberg in Minority Report. He adds that virtual spaces can change people’s stance towards the city.

The UAE government believes that the Dubai Metaverse Strategy will generate around 42,000 jobs by 2030. The nation is working its way to become the global metaverse hub. Middle Eastern countries have come up with innovative solutions for their citizens. In 2021, Saudi Arabia announced The Line City project, however, the initiative has received criticism in the past.

The International Criminal Police Organization (Interpol), announced that they have entered the metaverse. The move is intended to make virtual spaces secure and free from malevolent actors. Additionally, the agency will use them for training and educating their staff.

The metaverse being a cyberspace, will attract malicious actors in the sector. This will lead to an increased demand in security. As far as cryptocurrencies are concerned, regulators like Securities and Exchange Commissions (SEC) are less likely to let this hanger lose.

No matter how bad the people want the metaverse to be an open and decentralized space, they need a body to keep the evil at bay. With time, the metaverse utility will only increase and users would want their assets to be safe. As we’ve discussed that the crypto assets will play an important part in virtual spaces, authorities may follow them there too.

If that happens, Central Bank Digital Currencies (CBDCs) may replace crypto assets in certain regions. According to the Atlantic Council, 114 nations representing more than 95% of the global GDP are already analyzing the pros and cons of CBDCs. Similar to how the metaverse is attracting global brands it will potentially catch the eye of authorities too.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.