The Bank for International Settlements (BIS) has expressed concerns about the future of the Metaverse and advocates for a strong public policy framework

The Bank for International Settlements (BIS) has issued a stark warning about the potential for fragmentation and the risks of private corporate dominance in the emerging metaverse, emphasizing the critical role of public policy in safeguarding the future of this digital ecosystem. In a comprehensive report released Feb. 7, the regulator stressed that without strategic oversight to ensure fair access, data privacy, and strong consumer protections, the Metaverse’s commitment to economic revolution in areas such as gaming, e-commerce, and education could be undermined.

In addition, the Bank for International Settlements called on regulators, central banks and policymakers around the world to work together to develop regulations that promote innovation, protect users and safeguard the integrity of digital transactions. The report also highlights the role of the Central BankDigital Money (CBDC) in ensuring that Metaverse “remains an open, interoperable platform that is not controlled by any single entity.”