Bank of England employees say that widespread use of cryptoassets in a fully developed metaverse could pose a systemic risk to financial stability and need “robust consumer protection”In a blog post published on Tuesday, BoE researchers Owen Lock and Teresa Cascino said that if built, decentralized digital worlds and platforms could host a huge number of real-world economic transactions using crypto assets like Bitcoin and Ether.They said that if prices fell, the effect on real-world financial stability could be bigger if there were more crypto transactions.“The importance of cryptoassets in the open-metaverse means that if an open and decentralised metaverse grows, existing risks from cryptoassets may scale to have systemic financial stability consequences,” Lock and Cascino said. “An important step is therefore for regulators to address risks from cryptoassets’ use in the metaverse before they reach systemic status.”Read the full article: <a href="https://nftandgamefi.com/2022/08/10/metaverse-raises-systemic-risk/" rel="noopener noreferrer nofollow">Bank of England: Metaverse crypto raises the systemic risk </a>

Bank of England: Metaverse crypto raises the systemic risk

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