Bank AI

Source: AdobeStock / Grecaud Paul 
The European Union (EU) parliament has called on member-states to take the lead in the creation of digital worlds in terms of strategy and technology implementation. 
In a Nov 29 <a href="https://www.europarl.europa.eu/news/en/press-room/20231127IPR15413/virtual-worlds-the-next-digital-transition-must-align-with-eu-values">press release</a>, the body urged relevant parties in the jurisdiction to take charge as the metaverse takes shape globally striving to set new standards for stakeholders. 
The European Parliament Committee on Internal Markets and Consumer Protection passed a report which seeks to analyze opportunities, risks, and policy implementation for the local market. 
The Committee recognizes the level of work done and the direction of the body but aims for more <a href="https://www.europarl.europa.eu/committees/en/virtual-worlds-opportunities-risks-and-p/product-details/20230908CDT12142">regulation in the digital single market</a> noting that the region stands to gain a lot by playing a leading role in global markets. 
While pushing this narrative, the lawmakers called for more global collaboration towards the metaverse creating interoperable networks across borders regardless of the underlying technology deployed by companies. 
The parliament adopted the draft with 31 votes in favor, two against, and eight absentees signifying a united front to the committee’s proposals. 
<h2 id="eu-leads-the-way">EU leads the way</h2> 
 Pablo Arias Echeverria, the rapporteur explained that the region cannot afford to repeat the last mistakes in the digital revolution and should aim to light the path of the metaverse. 
“Europe cannot afford to lag in the next digital revolution nor can we repeat past mistakes. As we step into Web 4.0 with the development of virtual worlds, we have to lay a foundation, rooted in strong EU digital rules, guiding principles, and values. Europe has to lead this transition, placing citizens at the heart of our digital future!” 
Major benefits of virtual worlds include shaping how citizens work,&nbsp; interact, and create content and want EU values at the center of the tech drive. Key to this are rules bordering on fundamental human rights and consumer protection demands ensuring that the private data of users is safe and secure while interacting with virtual worlds. 
Recently, the EU has been at the forefront of tackling several <a href="https://cryptonews.com/news/europes-data-agencies-express-concerns-over-privacy-standards-with-digital-euro.htm">privacy concerns</a> borne out of proposals within the region including fears expressed by data agencies on the digital euro. Some consumers feel that the plan for the digital euro could expose user data and have backed several plans to curb any occurrence although regulators suggest that the fears are overblown. 
 UK Residents Flags Privacy Concerns in Digital Pound Consultations: Bank of England 
The <a href="https://twitter.com/bankofengland?ref_src=twsrc%5Etfw">@bankofengland</a> says the majority of feedback from the public consultation on the digital pound revolved around privacy and fiat scarcity concerns.<a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a><a href="https://t.co/15tcNj02KA">https://t.co/15tcNj02KA</a> 
— Cryptonews.com (@cryptonews) <a href="https://twitter.com/cryptonews/status/1717924080110694794?ref_src=twsrc%5Etfw">October 27, 2023</a> 
The EU also called for a level playing field to create sustainability for domestic businesses and to drive consumer education on rights and responsible use of technology. 
According to the statement, if things are done right it could offer large benefits for the economy with ripple effects in education, employment, and skill development. However, concerns include addiction, impact on sleep, and cybersickness.

EU Parliament Tasks Members to Take Leading Role in Metaverse-Tech Implementation

Table of Contents

Cryptonews.com

Other articles published on Nov 28, 2023

Jito Foundation unveils governance token for Solana MEV development

Windows 11 Paint App Receives Boost with Dall-E 3 AI Integration

Bitcoin mining as a tool for grid stability and renewable energy integration – New study

Bitfarms to purchase Bitmain’s BTC miners for $95.5m

Vivek Ramaswamy says his crypto policy will ‘ensure economic freedom for Americans’

Investors in This Altcoin Are in for a Treat Following Big News and a 50% Pump

Join our free newsletter for daily crypto updates!