Russian authorities weigh regulation of metaverses

One of Roskomnadzor’s departments has begun examining the opportunities and risks of metaverses and has called for their regulation.

The Scientific and Technical Center (NTC) of the federal state unitary enterprise “Main Radio Frequency Center” published a study on metaverses. It is under Roskomnadzor’s purview.

According to the NTC, the risks of the metaverse relate to possibilities for manipulation and disinformation, “misalignment of reference points,” with threats also posed by virtual avatars and the use of personal data.

Analysts also believe that the dominance of digital currencies in the virtual world will facilitate breaches of political boundaries “because current tax codes and rules cannot regulate sales chains in the metaverse.”

“Identity and accountability issues in virtual reality, metaverses, and games require the development of principles and regulatory approaches in the near term,” the document says.

NTC notes that at this stage it is not clear how legislative initiatives could operate in metaverses.

Earlier, opinions on metaverses and the consequences of their development diverged. Bank of America believes that they will become a driver of growth for the digital assets industry and will contribute to the widespread adoption of cryptocurrencies as a payment instrument.

The Chinese authorities, however, believe that metaverses may turn out to be bubbles, Ponzi schemes or other forms of financial fraud.

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