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European Union Plans Metaverse Policy

According to a document released on its website on Monday, the European Commission plans to introduce a bill to support the digital euro and will also outline its strategy regarding virtual worlds in May.

While the European Central Bank is still deliberating on whether to issue a Central Bank Digital Currency (CBDC), the Commission has indicated that new legislation might be required to grant the digital euro legal currency status and to implement anti-money laundering regulations.

Mairead McGuinness, the European Union’s Financial Services Commissioner, shared with the Economic and Monetary Affairs Committee on Tuesday that, “Our legislation will serve as the framework for a digital euro.

European Union Plans Metaverse Policy

It would be irresponsible for Europe to remain inactive now, only to find itself compelled to act urgently in five or ten years.”

The bill is scheduled for release by the Commission on May 24. It will then be the responsibility of the Parliament and EU governments to “examine the specifics concerning the digital euro’s applications” and “choose the technology to be utilized.”

Legislators, who would need to approve any of McGuinness’s proposals, appear skeptical about the initiative’s practical value, questioning, “As a consumer, what can I do with the digital euro that I cannot already do with existing payment systems?”

Markus Ferber, the economic spokesperson for Parliament’s largest political group, voiced similar skepticism to what others have expressed regarding whether a CBDC truly leverages blockchain’s potential.

European Union Plans Metaverse Policy

A separate initiative focusing on virtual worlds is expected to be spearheaded by EU Competition and Digital Commissioner Margrethe Vestager on May 3. It’s unlikely that this will involve proposing new laws.

Given Meta’s foray into the space, two of Vestager’s officials have previously voiced concerns about the possibility of large corporations dominating the metaverse, potentially undermining competition.

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